Indonesia Stock Market May Extend Wednesday's Losses

(RTTNews) – The Indonesia stock market on Wednesday snapped the two-day winning streak in which it had collected more than 45 points or 0.7 percent. The Jakarta Composite Index now rests just above the 6,995-point plateau and the losses could accelerate on Thursday.

The global forecast for the Asian markets is soft, with technology stocks and financials in particular likely targeted for profit taking. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

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

For the day, the index dipped 4.71 points or 0.07 percent to finish at 6,996.12 after trading between 6,976.16 and 7,022.04.

Among the actives, Bank Negara Indonesia collected 0.62 percent, while Bank Central Asia fell 0.32 percent, Bank Mandiri climbed 1.30 percent, Bank Rakyat Indonesia rose 0.22 percent, Indosat advanced 0.95 percent, Indocement gained 0.46 percent, Semen Indonesia skidded 1.13 percent, Indofood Suskes dropped 0.83 percent, United Tractors added 0.68 percent, Astra International slumped 1.52 percent, Energi Mega Persada surged 6.29 percent, Bakrie Sumatera Plantations jumped 1.68 percent, Astra Agro Lestari strengthened 1.62 percent, Aneka Tambang tumbled 1.96 percent, Vale Indonesia soared 4.07 percent, Bumi Resources retreated 1.67 percent and Bank Danamon Indonesia, Bank CIMB Niaga and Timah were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Wednesday and remained that way largely throughout the session.

The Dow tumbled 448.96 points or 1.29 percent to finish at 34,358.50, while the NASDAQ dropped 186.21 points or 1.32 percent to close at 13,922.60 and the S&P 500 sank 55.37 points or 1.23 percent to end at 4,456.24.

Lingering concerns about the ongoing war in Ukraine have contributed to the pullback on Wall Street along with a spike by the price of crude oil. U.S. President Joe Biden is expected to impose further sanctions on Russia during his trip to Europe this week.

Traders also were cashing in on recent strength in the markets, as stocks moved notably higher in five out of the six previous sessions, although they may be wary of continuing to buy stocks amid worries about the Russia-Ukraine crisis, inflation and higher interest rates.

Crude oil futures settled at over two-week highs on Wednesday, lifted by data showing a drop in U.S. crude inventories and worries about supply disruptions due to the ongoing Russian invasion of Ukraine. West Texas Intermediate Crude oil futures for May ended higher by $5.66 or 5.2 percent at $114.93 a barrel.

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