Lower Open Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Wednesday ended the two-day losing streak in which it had stumbled more than 70 points or 1.2 percent. The Jakarta Composite Index now rests just above the 6,265-point plateau although it's expected to drop precipitously on Thursday.

The global forecast for the Asian markets is emphatically negative thanks to worrying signs about the health of the global economy. The European and U.S. markets finished sharply lower and the Asian markets are tipped to follow suit.

The JCI finished modestly higher on Wednesday following gains from the financial shares, resource stocks and cement companies.

For the day, the index picked up 56.37 points or 0.91 percent to finish at 6,267.33 after trading between 6,240.20 and 6,274.58.

Among the actives, Bank Danamon Indonesia soared 3.50 percent, while Bank Mandiri jumped 2.04 percent, Bank Central Asia eased 0.08 percent, Bank Negara Indonesia spiked 2.53 percent, Bank Rakyat Indonesia climbed 1.17 percent, Indosat jumped 1.63 percent, Indocement advanced 2.58 percent, Semen Indonesia gained 3.63 percent, Indofood Suskes rose 0.68 percent, Aneka Tambang surged 4.23 percent, Vale Indonesia accelerated 2.10 percent, Timah skyrocketed 8.08 percent and Bumi Resources was unchanged

The lead from Wall Street broadly negative as stocks showed a substantial pullback on Wednesday, sending the major averages to two-month closing lows.

The Dow plummeted 800.49 points or 3.05 percent to 25,479, while the NASDAQ tumbled 242.42 points or 3.02 percent to 7,773.94 and the S&P 500 plunged 85.72 points or 2.93 percent to 2,840.60.

The sell-off on Wall Street came amid concerns about a potential recession after the yield on the benchmark ten-year note dropped below the yield on the two-year note - which is widely seen as an indicator of a recession.

The yield on the closely watched thirty-year bond also showed a notable decrease on the day, tumbling to a new record low.

Crude oil prices cratered Wednesday on increasing worries about the outlook for global demand and concern of a supply glut after data showed that U.S. crude oil inventories rose by 1.6 million barrels last week. West Texas Intermediate tumbled $1.71 or 3.01 percent to $55.02 per barrel.

Closer to home, Indonesia will provide July numbers for imports, exports and trade balance later today. In June, imports were worth $11.58 billion and exports were at $11.78 billion for a trade surplus of $196 million.
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