(RTTNews) – The Indonesian stock market has been fluctuating between positive and negative over the past four trading days, after ending a three-day losing streak that saw it fall by more than 100 points (1.4%). The Jakarta Composite Index is currently near a high of 7,310 points and may fall further on Wednesday.
The global outlook for Asian markets is flat with some declines expected ahead of earnings and economic data later this week. European and US markets are down slightly and Asian bourses are expected to follow suit.
The JCI ended slightly lower on Tuesday following losses in financial and resource stocks.
The index closed down 8.12 points, or 0.11 percent, at 7,313.86 after trading between 7,293.31 and 7,347.02. Among the actives, Bank CIMB Niaga lost 0.55 percent, Bank Mandiri fell 1.12 percent, Bank Danamon Indonesia fell 0.77 percent, Bank Negara Indonesia lost 0.98 percent, Bank Central Asia regained 0.74 percent, Bank Rakyat Indonesia fell 2.44 percent, Bank Indosat Urdu Hutchison fell 2.51 percent and Bank Semen Indonesia fell 1.46 percent. Foods Sukses Makmur rose 1.24 percent, United Tractors fell 1.78 percent, Astra International lost 1.55 percent, Energi Mega Persada lost 1.80 percent, Astra Agro Lestari added 0.43 percent, Aneka Tambang lost 1.87 percent, Vale Indonesia fell 1.06 percent, Timah added 0.50 percent, Bumi Resources fell 1.27 percent and India Cements was unchanged.
Major stock indexes opened higher on Tuesday and stayed higher for most of the trading session, but a late drop saw them slip slightly into negative territory, giving a weak lead from Wall Street.
The Dow fell 57.35 points, or 0.14 percent, to finish at 40,358.09, the Nasdaq lost 10.22 points, or 0.06 percent, to close at 17,997.35 and the S&P 500 lost 8.70 points, or 0.16 percent, to close at 5,555.71.
Trading on Wall Street was choppy as traders expressed uncertainty about the market outlook following recent volatility.
Traders may have been reluctant to make any big moves ahead of major earnings and economic news releases in the coming days.
Later this week, focus will likely shift to the June personal income and spending report, which will include a measure of inflation that the Federal Reserve says it prefers.
Oil prices fell to near seven-week lows on Tuesday as investors braced for a possible slowdown in demand. West Texas Intermediate crude oil futures for September delivery fell $1.44, or 1.83%, to close at $76.96 a barrel, the lowest since June 7.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
