(RTTNews) - The Indonesia stock market on Tuesday snapped the two-day losing streak in which it had tumbled more than 370 points or 5 percent. The Jakarta Composite Index now sits just above the 7,440-point plateau and it's likely to see little movement on Wednesday.
The global forecast for the Asian markets is fairly flat as traders await further developments in the Middle East conflict. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets are likely to follow the latter lead.
The JCI finished sharply higher on Tuesday following gains from the finance, telecom, cement and resource sectors.
For the day, the index jumped 103.54 points or 1.41 percent to finish at 7,440.91 after trading between 7,372.82 and 7,499.82.
Among the actives, Bank CIMB Niaga rose 0.29 percent, while Bank Mandiri jumped 1.87 percent, Bank Danamon Indonesia climbed 1.18 percent, Bank Negara Indonesia sank 0.70 percent, Bank Central Asia collected 1.45 percent, Bank Rakyat Indonesia fell 0.28 percent, Indosat Ooredoo Hutchison spiked 2.50 percent, Semen Indonesia soared 5.16 percent, Indofood Sukses Makmur dropped 0.83 percent, United Tractors added 0.68 percent, Astra International accelerated 2.56 percent, Energi Mega Persada expanded 1.20 percent, Astra Agro Lestari lost 0.34 percent, Aneka Tambang surged 5.24 percent, Vale Indonesia vaulted 4.12 percent, Timah skyrocketed 12.28 percent, Bumi Resources advanced 9.09 percent and Indocement was unchanged.
The lead from Wall Street offers little clarity as the major averages opened lower but quickly moved higher and spent most of the day in the green before a late fade saw them end mixed and little changed.
The Dow dipped 34.29 points or 0.07 percent to finish at 47,706.51, while the NASDAQ perked 1.16 points or 0.01 percent to close at 22,697.10 and the S&P 500 fell 14.51 points or 0.21 percent to end at 6,781.48.
The choppy trading on Wall Street came amid substantial volatility by the price of crude oil, with crude for April delivery plummeting almost 12 percent after soaring to nearly $120 a barrel on Monday.
Crude oil prices plunged on Tuesday after Trump said that the ongoing war would end "very soon" but provided no details. The conflict has driven oil prices to sky-high levels in recent days. West Texas Intermediate crude for April delivery tumbled $9.47 or 9.99 percent at $85.30 per barrel.
Traders also seemed to be expressing some uncertainty about the U.S. war with Iran after President Donald Trump's latest remarks about the conflict.
The president claimed in a subsequent post on Truth Social that Iran would be hit "twenty times harder" if they do anything that stops the flow of oil within the Strait of Hormuz.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
