(RTTNews) - The Indonesia stock market has moved lower in consecutive trading days, tumbling almost 300 points or 3.7 percent in that span. The Jakarta Composite Index now sits just beneath the 7,940-point plateau and it's expected to open to the downside on Wednesday.
The global forecast for the Asian markets is negative on continuing concerns over the conflict in the Middle East, although oil stocks are expected to continue to soar. The European and U.S. markets were down and the Asian markets are expected to follow that lead.
The JCI finished modestly lower on Tuesday as losses from the resource and cement companies were mitigated by support from the financial sector.
For the day, the index dropped 77.07 points or 0.96 percent to finish at 7,939.77 after trading between 7,932.52 and 8,098.39.
Among the actives, Bank Mandiri collected 0.49 percent, while Bank Danamon Indonesia rose 0.37 percent, Bank Central Asia improved 0.71 percent, Bank Rakyat Indonesia retreated 1.31 percent, Indosat Ooredoo Hutchison rallied 3.62 percent, Indocement slumped 1.26 percent, Semen Indonesia stumbled 2.16 percent, United Tractors jumped 2.61 percent, Astra International fell 0.40 percent, Energi Mega Persada tanked 3.18 percent, Astra Agro Lestari shed 0.68 percent, Aneka Tambang plunged 4.34 percent, Vale Indonesia tumbled 1.71 percent, Timah plummeted 7.41 percent, Bumi Resources vaulted 1.61 percent and Bank CIMB Niaga, Bank Negara Indonesia and Indofood Sukses Makmur were unchanged.
The lead from Wall Street is soft as the major averages opened lower on Tuesday and spent the entire session in the red, although closing at their best levels for the day.
The Dow stumbled 403.51 points or 0.83 percent to finish at 48,501.27, while the NASDAQ sank 232.17 points or 1.02 percent to end at 22,516.69 and the S&P 500 dropped 64.99 points or 0.94 percent to close at 6,816.63.
The early nosedive on Wall Street came amid concerns about the fallout from the ongoing conflict in the Middle East. As the conflict entered its fourth day, U.S. President Donald Trump suggested the war may last four to five weeks but could "go far longer than that."
The price of crude oil has continued to spike in response to the conflict, raising worries the jump in prices will lead to higher inflation.
Supply concerns were also worsened by the attacks on several oil refineries, including Saudi Aramco's oil facility in Ras Tanura.
After skyrocketing in the previous session, crude oil prices continued to soar on Tuesday after Iran closed the Strait of Hormuz. West Texas Intermediate crude for April delivery surged $3.35 or 4.7 percent to $74.58 a barrel.
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