Indonesia Stock Market Tipped To Run Out Of Steam

(RTTNews) - The Indonesia stock market has finished higher in three straight sessions, advancing almost 90 points or 1.6 percent along the way. The Jakarta Composite Index now rests just above the 5,820-point plateau although investors figure to cash in on Thursday.

The global forecast for the Asian markets is broadly negative thanks to growing concerns over growth, trade and interest rates. The European and U.S. markets were firmly in the red and the Asian bourses are expected to open in similar fashion.

The JCI finished modestly higher on Wednesday following gains from the resources stocks, while the financials and cement companies were mixed.

For the day, the index climbed 23.88 points or 0.41 percent to finish at 5,820.67 after trading between 5,798.74 and 5,832.93. There were 214 gainers and 170 decliners, with 123 stocks finishing unchanged.

Among the actives, Lotte Chemical surged 8.57 percent, while Voksel Electric soared 7.93 percent, Bank Pan Indonesia tumbled 2.50 percent, XL Axiata skidded 1.74 percent, Bukit Darmo Property jumped 1.59 percent, Jasa Marga climbed 1.38 percent, Bank Danamon Indonesia perked 1.42 percent, Bank Central Asia dropped 1.58 percent, Bank Mandiri collected 1.97 percent, Bank Negara Indonesia gained 1.83 percent, Bank Rakyat Indonesia shed 0.33 percent, Indosat added 0.36 percent, Aneka Tambang picked up 1.23 percent, Vale Indonesia spiked 3.82 percent, Indocement advanced 0.90 percent, Semen Indonesia lost 1.88 percent and Bumi Resources and Bank MNC Internasional were unchanged.

The lead from Wall Street is brutal as stocks saw substantial weakness on Wednesday, with the tech-heavy NASDAQ tumbling to a three-month closing low.

The Dow shed 831.83 points or 3.15 percent to 25,598.74, while the NASDAQ plunged 315.97 points or 4.08 percent to 7,422.05 and the S&P tumbled 94.66 points or 3.29 percent to 2,785.68.

Technology stocks led the way lower on Wall Street, with Netflix (NFLX), Amazon (AMZN), Apple (AAPL) and Facebook (FB) all posting significant losses on the day.

The sell-off came amid lingering concerns about the outlook for interest rates following a recent increase in treasury yields. Treasury yields moved higher after the Labor Department reported a rebound in producer prices in September.

The Federal Reserve raised interest rates by a quarter point to 2 to 2.25 percent last month, marking the third rate hike this year. The Fed's projections point to one more increase in rates this year and three rate hikes next year.

Crude oil prices drifted lower on Wednesday, amid prospects of a drop in crude demand due to weak global economic growth outlook. Crude oil futures for November ended down $1.79 or 2.4 percent at $73.17 a barrel.
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