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Indonesia Stock Market May Extend Losing Streak

(RTTNews) - The Indonesia stock market has tracked lower in back-to-back sessions, sliding almost 60 points or 0.9 percent along the way. The Jakarta Composite Index now rests just above the 6,440-point plateau and it's looking at another soft start again on Wednesday.

The global forecast for the Asian markets suggests little movement as the United States and China continue to inch towards a trade agreement. The European markets were slightly higher and the U.S. bourses were barely lower and the Asian markets figure to split the difference.

The JCI finished modestly lower on Tuesday following losses from the financial shares, resource stocks and cement companies.

For the day, the index sank 47.14 points or 0.73 percent to finish at 6,441.28 after trading between 6,409.34 and 6,485.64.

Among the actives, Bank Danamon Indonesia plunged 5.13 percent, while Bank Central Asia shed 0.72 percent, Bank Mandiri tumbled 2.11 percent, Bank Negara Indonesia skidded 1.68 percent, Bank Rakyat Indonesia lost 0.52 percent, Indocement fell 0.79 percent, Semen Indonesia slid 0.39 percent, United Tractors retreated 2.27 percent, Indofood Suskes contracted 3.05 percent, Unilever Indonesia sank 0.71 percent, Holcim Indonesia dropped 1.01 percent, Bumi Resources plummeted 3.27 percent, Aneka Tambang was down 1.43 percent, Timah surged 5.54 percent and Indosat and Vale Indonesia were unchanged.

The lead from Wall Street suggests mild consolidation as stocks showed a lack of direction Tuesday, bouncing back and forth across the unchanged line before ending slightly lower.

The Dow shed 13.02 points or 0.05 percent to 25,806.63, while the NASDAQ lost 1.21 points or 0.02 percent to 7,576.36 and the S&P 500 fell 3.16 points or 0.11 percent to 2,789.65.

The choppy trading on Wall Street came as traders seemed reluctant to make significant moves as uncertainty about the U.S.-China trade talks continues to hang over the markets.

The impending release of the Labor Department's closely watched monthly jobs report on Friday also kept some traders on the sidelines.

Traders were also digesting the latest news out of China, with Beijing cutting its economic growth target for the year but also unveiling plans to boost spending, increase foreign firms' access to its markets, and cut billions of dollars in taxes.
In economic news, the Institute for Supply Management said service sector activity rebounded more than expected in February. Also, the Commerce Department showed an unexpected increase in new home sales in December.

Crude oil futures ended flat on Tuesday, with traders making cautious moves ahead of weekly inventory reports. West Texas Intermediate Crude oil futures for April ended down $0.03 at $56.66 a barrel.
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