Indonesia Bourse May Reverse Wednesday's Losses

(RTTNews) - The Indonesia stock market turned lower again on Wednesday, one session after it had ended the two-day slide in which it had fallen almost 70 points or 1.1 percent. The Jakarta Composite Index now rests just beneath the 6,480-point plateau although it's looking at a mild rebound on Thursday.

The global forecast for the Asian markets is cautiously optimistic on optimism over interest rates and a mild bump in crude oil prices. The European and U.S. markets were slightly higher and the Asian markets are tipped to follow suit.

The JCI finished barely lower on Wednesday as losses from the resource stocks were offset by support from the financials and cement companies.

For the day, the index fell 6.02 points or 0.09 percent to finish at 6,478.33 after trading between 6,456.67 and 6,487.76.

Among the actives, Bank Danamon Indonesia soared 2.62 percent, while Bank Mandiri shed 0.65 percent, Bank Central Asia dipped 0.18 percent, Bank Negara Indonesia added 0.78 percent, Bank Rakyat Indonesia collected 0.23 percent, Indosat lost 0.38 percent, Indocement advanced 0.78 percent, Semen Indonesia spiked 2.51 percent, United Tractors tumbled 1.42 percent, Indofood Suskes fell 0.38 percent, Unilever Indonesia gained 0.61 percent, Bumi Resources gathered 0.86 percent, Aneka Tambang sank 0.56 percent, Vale Indonesia retreated 2.10 percent and Timah was unchanged.

The lead from Wall Street suggests mild upside as stocks moved slightly higher on Wednesday amid subdued buying interest.

The Dow added 6.58 points or 0.03 percent to finish at 26,157.16, while the NASDAQ gained 54.96 points or 0.69 percent to 7,964.24 and the S&P 500 rose 10.01 points or 0.35 percent to 2,888.21.

The higher close on Wall Street came after the minutes of the Federal Reserve's latest monetary policy meeting suggested the outlook for interest rates remains fluid. However, future rate decisions would depend on ongoing assessments of the economic outlook and potential risks.

In economic news, the Labor Department said that a spike in energy prices contributed to a slightly bigger than expected increase in consumer prices in March.

Crude oil futures settled higher Wednesday as a sharp decline in U.S. gasoline stocks offset a surge in crude stockpiles last week. Crude oil futures for May ended up $0.63 or 0.98 percent at $64.61 a barrel.
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