Indonesia Stock Market May Hand Back Tuesday's Gains

The Indonesia stock market on Tuesday snapped the three-day slide in which it had stumbled more than 50 points or 0.8 percent. The Jakarta Composite Index now rests just above the 6,320-point plateau although it figures to head south again on Wednesday.

The global forecast for the Asian markets is soft on pessimism over the outlook for interest rates. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

The JCI finished modestly higher on Tuesday following gains from the resource and cement stocks, while the financials came in mixed.

For the day, the index collected 31.98 points or 0.51 percent to finish at 6,320.44 after trading between 6,308.00 and 6,327.98.

Among the actives, Bumi Resources skyrocketed 9.24 percent, while Aneka Tambang surged 6.29 percent, Vale Indonesia soared 5.48 percent, Timah spiked 5.75 percent, Bank Danamon Indonesia shed 0.64 percent, Bank Mandiri lost 0.31 percent, Bank Central Asia perked 0.50 percent, Bank Negara Indonesia collected 0.56 percent, Bank Rakyat Indonesia added 0.46 percent, Indosat dropped 0.84 percent, Indocement gained 0.50 percent, Semen Indonesia climbed 1.33 percent, Indofood Suskes skidded 1.06 percent and United Tractors advanced 1.28 percent.

The lead from Wall Street is negative as stocks opened lower Tuesday and fell further into the red as the session progressed.

The Dow shed 179.32 points or 0.67 percent to 26,548.22, while the NASDAQ lost 120.98 points or 1.51 percent to 7,884.72 and the S&P 500 fell 27.97 points or 0.95 percent to 2,917.38.

The weakness on Wall Street partly reflected a negative reaction to a Conference Board report showing a sharp drop in U.S. consumer confidence in June. Also, the Commerce Department reported a steep decline in new home sales in the U.S. in May.

Additional selling pressure followed comments from Federal Reserve

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