(RTTNews) – The Indonesia stock market has finished lower in three straight sessions, sliding more than 200 points or 3.4 percent along the way. The Jakarta Composite Index now rests just above the 5,985-point plateau although it may stop the bleeding on Thursday.
The global forecast for the Asian markets is mixed to higher, with support from technology stocks likely offset by weakness from oil companies. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.
The JCI finished sharply lower on Wednesday following losses from the financial shares, cement companies and resource stocks.
For the day, the index retreated 85.92 points or 1.42 percent to finish at 5,985.52 after trading between 5,892.65 and 6,066.84.
Among the actives, Bank Danamon Indonesia tumbled 1.80 percent, while Bank CIMB Niaga tanked 3.86 percent, Bank Negara Indonesia shed 1.29 percent, Bank Central Asia weakened 2.81 percent, Bank Mandiri surrendered 2.77 percent, Bank Rakyat Indonesia fell 2.22 percent, Indosat added 0.40 percent, Telkom Indonesia advanced 1.18 percent, Indocement retreated 2.98 percent, Semen Indonesia plunged 4.14 percent, Indofood Suskes declined 1.49 percent, United Tractors rallied 2.91 percent, Astra International was down 2.31 percent, Astra Agro Lestari skidded 1.47 percent, Aneka Tambang jumped 1.81 percent, Vale Indonesia cratered 2.67 percent, Timah lost 2.12 percent and Bumi Resources sank 1.67 percent.
The lead from Wall Street is conflicted as the major averages opened higher on Wednesday, although the Dow fell under pressure as the day progressed and finished in the red.
The Dow dipped 85.41 points or 0.26 percent to finish at 32,981.55, while the NASDAQ surged 201.48 points or 1.54 percent to end at 13,246.87 and the S&P 500 rose 14.34 points or 0.36 percent to close at 3,972.89.
The rally by technology stocks reflected window dressing on the final day of the first quarter as the tech-heavy NASDAQ underperformed the Dow and the S&P. The NASDAQ rose 2.8 percent in Q1, while the Dow jumped 5.8 percent and the S&P spiked 7.8 percent.
A report from payroll processor ADP showing strong private sector job growth in March also generated some positive sentiment. ADP said private sector employment surged up by 517,000 jobs in March after climbing by an upwardly revised 176,000 jobs in February.
Crude oil prices moved sharply lower Wednesday amid concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for May ended down $1.39 or 2.3 percent at $59.16 a barrel.
Closer to home, Indonesia will provide March figures for consumer prices later today, with forecasts suggesting an increase of 0.14 percent on month and 1.4 percent on year following the 0.1 percent monthly increase and the 1.38 percent yearly gain in February. Core CPI is tipped to add 1.44 percent on year, slowing from 1.53 percent a month earlier.
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