The Indonesia stock market has finished lower in four straight sessions, tumbling more than 280 points or 4.5 percent along the way. The Jakarta Composite Index now rests just beneath the 6,120-point plateau although it may find traction on Wednesday.
The global forecast for the Asian markets is upbeat on bargain hunting following heavy selling pressure in recent sessions. The European markets were down but the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.
The JCI finished modestly lower on Tuesday following losses from the financial shares and cement stocks, while the resource companies were mixed.
For the day, the index dropped 56.23 points or 0.91 percent to finish at 6,119.47 after trading between 6,022.60 and 6,157.76.
Among the actives, Bank Danamon Indonesia skidded 1.25 percent, while Bank Mandiri tumbled 2.36 percent, Bank Central Asia retreated 2.00 percent, Bank Negara Indonesia dropped 1.26 percent, Bank Rakyat Indonesia plunged 3.98 percent, Indosat sank 2.19 percent, Indocement shed 0.81 percent, Semen Indonesia jumped 1.41 percent, United Tractors plummeted 4.71 percent, Unilever rose 1.14 percent, Bumi Resources lost 2.38 percent, Aneka Tambang skyrocketed 9.30 percent, Vale Indonesia surged 4.98 percent, Timah gained 0.52 percent and Indofood Suskes was unchanged.
The lead from Wall Street is firm as stocks showed a strong move to the upside on Tuesday, recovering from heavy selling over the past few days.
The Dow climbed 311.78 points or 1.21 percent to 26,029.52, while the NASDAQ jumped 107.23 points or 1.39 percent to 7,833.27 and the S&P 500 rose 37.03 points or 1.30 percent to 2,881.77.
The strength on Wall Street was partly due to bargain hunting, with traders picking up stocks at reduced levels after the major averages ended Monday at their lowest closing levels in two months.
News the People’s Bank