Stable Start Seen For Indonesia Stock Market

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(RTTNews) – The Indonesia stock market has moved lower in two straight sessions, sliding more than 70 points or 1.2 percent along the way. The Jakarta Composite Index now rests just above the 6,060-point plateau although it may find traction on Wednesday.

The global forecast for the Asian markets is mixed to higher ahead of the Federal Reserve’s monetary policy announcement later today. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The JCI finished slightly lower on Tuesday following mixed performances from the financial shares and resource stocks.

For the day, the index slipped 15.56 points or 0.26 percent to finish at 6,060.76 after trading between 5,996.41 and 6,068.79.

Among the actives, Bank Danamon Indonesia shed 0.39 percent, while Bank CIMB Niaga collected 0.52 percent, Bank Negara Indonesia slid 0.49 percent, Bank Central Asia declined 1.44 percent, Bank Mandiri dropped 0.83 percent, Bank Rakyat Indonesia lost 0.56 percent, Indosat advanced 0.74 percent, Indocement rallied 2.91 percent, Semen Indonesia sank 0.88 percent, United Tractors rose 0.12 percent, Astra International was down 1.42 percent, Astra Agro Lestari skidded 1.20 percent, Aneka Tambang added 0.43 percent, Vale Indonesia retreated 1.46 percent, Timah climbed 1.03 percent, Bumi Resources jumped 1.89 percent and Indofood Suskes was unchanged.

The lead from Wall Street offers little clarity as the major averages opened firmly higher on Tuesday but quickly turned lower, bouncing back and forth across the unchanged line before finishing mixed.

The Dow shed 50.63 points or 0.15 percent to finish at 33,919.84, while the NASDAQ added 32.49 points or 0.22 percent to close at 14,746 and the S&P 500 fell 3.54 points or 0.08 percent to end at 4,354.19.

The choppy trade on Wall Street came ahead of the Fed’s announcement. The Fed is widely expected to leave monetary policy unchanged but could address the outlook for its asset purchase program.

In economic news, the Commerce Department said new residential construction in the U.S. increased more than expected in August.

Crude oil prices moved higher Tuesday, ahead of weekly U.S. crude inventories data. But gains were just modest as traders weighed global energy demand prospects amid the surge in coronavirus cases in the U.S. and several other countries. West Texas Intermediate Crude oil futures for October settled at $70.56 a barrel on the expiration day, gaining $0.27 or 0.4 percent in the session.