(RTTNews) – The Indonesia stock market on Tuesday ended the two-day winning streak in which it had gathered more than 120 points or 2 percent. The Jakarta Composite Index now rests just beneath the 6,790-point plateau although it figures to bounce higher again on Wednesday.
The global forecast for the Asian markets is positive on continued bargain hunting and optimism over earnings news. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The JCI finished modestly lower on Tuesday following losses from the food and cement companies, while the financials and resource stocks were mixed.
For the day, the index slid 15.42 points or 0.23 percent to finish at 6,789.52 after trading between 6,780.42 and 6,860.75.
Among the actives, Bank Danamon Indonesia soared 3.35 percent, while Bank CIMB Niaga climbed 1.05 percent, Bank Negara Indonesia jumped 1.69 percent, Bank Central Asia sank 0.96 percent, Bank Mandiri jumped 1.67 percent, Bank Rakyat Indonesia collected 0.91 percent, Indosat surrendered 1.76 percent, Indocement tanked 2.91 percent, Semen Indonesia skidded 1.04 percent, Indofood Suskes retreated 1.54 percent, United Tractors tumbled 1.88 percent, Astra International strengthened 1.37 percent, Energi Mega Persada spiked 2.54 percent, Bakrie Sumatera Plantations stumbled 2.63 percent, Astra Agro Lestari advanced 1.02 percent, Aneka Tambang declined 1.10 percent, Vale Indonesia slumped 1.27 percent, Timah fell 0.36 percent and Bumi Resources was unchanged.
The lead from Wall Street is solid as the major averages shook off early weakness on Tuesday and picked up steam as the session progressed, ending firmly in positive territory.
The Dow spiked 371.65 points or 1.06 percent to finish at 35,462.78, while the NASDAQ jumped 178.79 points or 1.28 percent to end at 14,194.79 and the S&P 500 gained 37.67 points or 0.84 percent to close at 4,521.54.
The strength that emerged on Wall Street came as traders continued to pick up stocks at relatively reduced levels as they digest the latest batch of quarterly earnings news.
Motorcycle maker Harley Davidson (HOG) and education technology company Chegg (CHGG) led the way higher, while drug giant Pfizer fell under pressure.
In economic news, the Commerce Department released a report showing the U.S. trade deficit widened modestly in December.
Crude oil prices settled sharply lower Tuesday, extending losses from the previous session. Oil prices dropped with traders eyeing U.S.-Iran talks, which if successful could flood the market. West Texas Intermediate Crude oil futures for March dropped $1.96 or about 2.2 percent at $89.36 a barrel.
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