(RTTNews.com) – The losing streak has hit seven sessions now for the Indonesia stock market, which has surrendered more than 80 points or 1.6 percent in that span. The Jakarta Composite Index now rests just above the 5,265-point plateau, and the losing streak is expected to continue on Wednesday.
The global forecast for the Asian markets suggests mild consolidation, with weakness from the financial shares likely to be offset by strength from the energy sector. The European and U.S. markets were down and the Asian bourses figure to follow suit.
The JCI finished barely lower on Tuesday as losses from the telecoms and cement stocks were tempered by support from the financials and a mixed bag from the resource stocks.
Among the actives, Bumi Resources spiked 2.44 percent, while Vale Indonesia lost 0.80 percent, Astra Agro Lestari shed 0.15 percent, Aneka Tambang dropped 1.10 percent, Bank Negara Indonesia climbed 0.91 percent, Bank Danamon Indonesia surged 3.26 percent, Bank Central Asia was unchanged, XL Axiata fell 0.36 percent and Indocement tumbled 0.84 percent.
The lead from Wall Street is soft as stocks moved lower on Tuesday following the three-day holiday weekend.
The Dow lost 58.96 points or 0.3 percent to 19,826.77, while the NASDAQ slid 35.39 points or 0.6 percent to 5,538.73 and the S&P fell 6.75 points or 0.3 percent to 2,267.89.
The weakness followed British Prime Minister Theresa May’s Brexit speech in which she said the U.K. will not seek to hold on to bits of EU membership – adding that it also will not adopt deals that are already available to other nations.
Financial stocks turned in some of the market’s worst performances, along with biotechnology stocks. Telecom, railroad, and semiconductor stocks also saw considerable weakness.
Meanwhile, gold stocks bucked the downtrend as gold for February delivery surged $16.70 to $1,212.90 an ounce. Energy stocks also nudged higher along with crude oil prices, which settled near $53 a barrel.
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