Losses May Accelerate For Indonesia Stock Market

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(RTTNews.com) - The Indonesia stock market headed south again on Tuesday, one session after it had halted the two-day slide in which it had fallen more than 30 points or 0.5 percent. The Jakarta Composite Index now rests just beneath the 5,800-point plateau and it figures to open under pressure again on Wednesday.

The global forecast for the Asian markets remains grim thanks to geopolitical concerns, economic outlook and plummeting crude oil prices. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The JCI finished modestly lower on Tuesday following losses from the food, property, finance and resource stocks.

For the day, the index sank 42.54 points or 0.73 percent to finish at 5,797.89 after trading between 5,797.34 and 5,848.04.

Among the actives, Bukit Darmo Property plunged 4.69 percent, while Lotte Chemical skidded 2.41 percent, Voksel Electric jumped 2.22 percent, XL Axiata dropped 1.74 percent, Jasa Marga shed 0.93 percent, Bank Pan Indonesia lost 0.85 percent, Bank Central Asia fell 0.86 percent, Bank Mandiri eased 0.39 percent, Bank Negara Indonesia slid 0.70 percent, Bank Rakyat Indonesia was down 0.98 percent, Indosat plummeted 6.34 percent, Bumi Resources retreated 2.30 percent, Aneka Tambang declined 1.31 percent, Vale Indonesia contracted 1.87 percent, Indocement slid 1.51 percent, Semen Indonesia climbed 1.11 percent, Indofood tumbled 2.52 percent and Bank MNC Internasional and SLJ Global were unchanged.

The lead from Wall Street is negative as stocks opened sharply lower on Tuesday. They made back considerable ground in afternoon trade but still ended in the red.

The Dow shed 125.98 points or 0.50 percent to finish at 25,191.43, while the NASDAQ lost 31.09 points or 0.42 percent to 7,437.54 and the S&P 500 fell 15.19 points or 0.55 percent to 2,640.69.

The early sell-off reflected an extension of the significant weakness seen in overseas markets, which came amid worries about global economic growth and mounting geopolitical tensions.

A negative reaction to quarterly results from some big-name companies also contributed to sharp decline by stocks - including Caterpillar (CAT) and 3M Co. (MMM), although McDonald's (MCD) beat the street.

Crude oil prices plunged sharply on Tuesday amid speculation of a possible drop in demand due to uncertainty about the outlook for global economic growth. Crude oil futures for December delivery were down $2.93 or 4.2 percent at $66.43 a barrel, the lowest settlement since August 20.

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This article appears in: World Markets , Banking and Loans , US Markets , Oil , Stocks

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