(RTTNews) – The Indonesia stock market has moved lower in back-to-back sessions, sinking more than 100 points or 1.7 percent along the way. The Jakarta Composite Index now rests just above the 6,250-point plateau and it’s looking at another soft start again on Wednesday.
The global forecast for the Asian markets is soft on renewed coronavirus concerns and sinking crude oil prices. The European and U.S. markets were firmly lower and the Asian bourses figure to follow suit.
The JCI finished modestly lower on Tuesday following mixed performances from the financial shares, resource stocks and cement companies – while the telecoms were soft.
For the day, the index lost 48.42 points or 0.77 percent to finish at 6,252.71 after trading between 6,245.99 and 6,342.13.
Among the actives, Bank Danamon Indonesia shed 0.66 percent, while Bank CIMB Niaga cratered 3.46 percent, Bank Central Asia sank 0.83 percent, Bank Mandiri collected 0.75 percent, Bank Rakyat Indonesia improved 0.86 percent, Indosat and United Tractors both dropped 0.81 percent, Telkom Indonesia slid 0.59 percent, Indocement tanked 2.39 percent, Semen Indonesia tumbled 1.94 percent, Indofood Suskes surged 5.12 percent, Astra Agro Lestari gained 0.46 percent, Aneka Tambang rose 0.44 percent, Vale Indonesia fell 0.44 percent, Timah surrendered 2.59 percent, Bumi Resources skyrocketed 7.35 percent and Bank Negara Indonesia and Astra International were unchanged.
The lead from Wall Street is negative as stocks opened in the red on Tuesday and saw the losses accelerate as the day progressed.
The Dow tumbled 308.05 points or 0.94 percent to finish at 32,423.15, while the NASDAQ plunged 149.84 points or 1.12 percent to end at 13,227.70 and the S&P 500 sank 30.07 points or 0.76 percent to close at 3,910.52.
The weakness that emerged on Wall Street partly reflected concerns about extended coronavirus lockdowns in Europe amid worries a new wave of infections. German leaders agreed to extend the country’s lockdown until April 18, raising doubts about demand from Europe’s largest economy.
Traders also kept an eye on Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen’s virtual testimony before the House Financial Services Committee. Powell reiterated the Fed’s recent assessment that indicators of economic activity have turned up recently.
In economic news, the Commerce Department said U.S. new home sales plummeted in February, hitting a nine-month low.
Crude oil prices tanked on Tuesday amid rising concerns about the outlook for energy demand due to the extension of lockdown measures in several parts of Europe. West Texas Intermediate Crude oil futures for May ended down $3.80 or 6.2 percent at $57.76 a barrel.
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