Indonesia Stock Market May Open Under Pressure On Wednesday

The Indonesia stock market on Tuesday snapped the three-day winning streak in which it had gathered almost 50 points or 0.8 percent. The Jakarta Composite Index now sits just above the 7,365-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets is mixed to lower, with technology and oil companies expected to be under pressure. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The JCI finished slightly lower on Tuesday following mixed performances from the financial shares, resource stocks and cement companies.

For the day, the index slipped 12.10 points or 0.16 percent to finish at 7,365.66 after trading between 7,330.46 and 7,371.84.

Among the actives, Bank CIMB Niaga rallied 1.90 percent, while Bank Mandiri retreated 1.03 percent, Bank Danamon Indonesia lost 0.33 percent, Bank Negara Indonesia collected 0.42 percent, Bank Central Asia slid 0.25 percent, Bank Rakyat Indonesia improved 0.80 percent, Indosat Ooredoo Hutchison gained 0.65 percent, Indocement fell 0.29 percent, Semen Indonesia added 0.43 percent, Indofood Sukses Makmur declined 1.16 percent, United Tractors slumped 1.02 percent, Astra International sank 0.93 percent, Astra Agro Lestari climbed 1.10 percent, Aneka Tambang rose 0.30 percent, Vale Indonesia dropped 0.98 percent, Timah surged 3.18 percent, Bumi Resources skidded 1.16 percent and Energi Mega Persada was unchanged.

The lead from Wall Street ends up negative as the major averages opened higher on Tuesday and spent most of the session in the green before a late slump sent them all under water at the close.

The Dow shed 31.31 points or 0.08 percent to finish at 39,282.33, while the NASDAQ lost 68.80 points or 0.42 percent to close at 16,315.70 and the S&P 500 fell 14.61 points or 0.28 percent to end at 5,203.58.

The late-day weakness on Wall Street may have reflected concerns about the economic impact of the indefinite suspension of vessel traffic into and out of the Port of Baltimore.

Vessel traffic was suspended after a cargo ship crashed into a pillar of the Francis Scott Key Bridge early Tuesday morning, leading to the bridge's collapse.

In economic news, the Commerce Department reported an increase in new orders for U.S. manufactured durable goods in February. Also, the Conference Board noted a slight deterioration in U.S. consumer confidence in March.

Crude oil futures settled lower on Tuesday with traders assessing oil demand and supply positions amid the tensions in the Middle East. West Texas Intermediate Crude oil futures for May ended lower by $0.33 at $81.62 a barrel.

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