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Losses Expected To Accelerate For Indonesia Shares

The Indonesia stock market has alternated between positive and negative finishes through the last four trading days since the end of the four-day losing streak in which it had surrendered more than 230 points or 3.5 percent. The Jakarta Composite Index now rests just above the 6,410-point plateau and it figures to extend its losses on Wednesday.

The global forecast for the Asian markets is broadly negative thanks to renewed geopolitical concerns and a drop in crude oil prices. The European and U.S. markets were firmly lower and the Asian bourses figure to follow suit.

The JCI finished sharply lower on Tuesday following losses from the resource stocks and food companies.

For the day, the index plunged 87.84 points or 1.35 percent to finish at 6,412.85 after trading between 6,399.39 and 6,501.13. There were 241 decliners and 108 gainers, with 123 stocks finishing unchanged.

Among the actives, Lotte Chemical soared 6.54 percent, while Voksel Electric tumbled 3.36 percent, Bank Pan Indonesia skidded 3.35 percent, Astra Graphia spiked 3.33 percent, Tiga Pilar Sejahtera Food dropped 2.50 percent, Indofood fell 0.66 percent, Jasa Marga shed 0.96 percent, Bank Danamon Indonesia jumped 2.24 percent, Bank Mandiri retreated 1.80 percent, Bumi Resources plunged 2.01 percent, Vale Indonesia plummeted 2.20 percent, Astra Agro Lestari lost 2.27 percent and Bank MNC Internasional was unchanged.

The lead from Wall Street is soft as stocks failed to hold a higher open Tuesday before sliding firmly into negative territory.

The Dow slid 171.58 points or 0.68 percent to 25,007.03, while the NASDAQ tumbled 77.31 points or 1.02 percent to 7,511.01 and the S&P fell 17.71 points or 0.64 percent to 2,765.31.

The weakness came amid renewed geopolitical concerns after President Donald Trump fired Secretary of State Rex Tillerson and replaced him with CIA Director Mike Pompeo.

Traders shrugged off a Labor Department report showing a modest increase in consumer prices and core CPI in February.

Crude oil futures were lower Tuesday amid expectations that U.S. oil inventories rose for a third week in a row. April WTI oil was down 65 cents or 1.1 percent to settle at $60.71/bbl.

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