Indonesia Stock Market Due For Support

The losing streak has hit five sessions now for the Indonesia stock market, which has given away almost 220 points or 4 percent on its way to a fresh three-month closing low. The Jakarta Composite Index ended just above the 5,240-point plateau, although the market may find traction on Wednesday.

The global forecast for the Asian markets is muddled ahead of today's monetary policy statement from the Federal Reserve, plus growing geopolitical concerns. The European markets were down and the U.S. bourses were mixed but little changed - and the Asian markets are expected to split the difference.

The JCI finished barely lower on Tuesday, dragged into the red by heavy damage among the financial shares.

For the day, the index eased 3.29 points or 0.06 percent to finish at 5,242.16 after trading between 5,164.74 and 5,254.16. There were 193 decliners and 147 gainers, with 41 stocks finishing unchanged.

Among the actives, Astra Agro Lestari climbed 1.37 percent, while Bank Central Asia shed 1.06 percent, Bank Negara Indonesia climbed 2.31 percent, Bank Danamon Indonesia plummeted 4.09 percent, Bank Mandiri tumbled 3.11 percent, Energi Mega Persada dropped 2.53 percent and XL Axiata surged 3.53 percent.

The lead from Wall Street offers little clarity as stocks were relatively lackluster on Tuesday, with the major averages eventually ending on opposite sides of the unchanged line.

The NASDAQ fell 4.82 points or 0.1 percent to 5,055.42, while the Dow climbed 72.17 points or 0.4 percent to 18,110.14 and the S&P 500 rose 5.84 points or 0.3 percent to 2,114.76.

The early volatility followed reports that Iranian forces seized a cargo ship flagged to the Marshall Islands in the Strait of Hormuz. A U.S. Navy destroyer has been ordered to the region to keep an eye on the situation.

Uncertainty about the Fed's monetary policy announcement later today also weighed. While the Fed is expected to keep interest rates unchanged, traders will be paying close attention to any hints regarding the outlook for rates.

On the economic front, the Conference Board reported an unexpected pullback in U.S. consumer confidence in April.

Corporate earnings news was mixed, with Twitter (TWTR) and Whirlpool (WHR) missing the mark, while Merck (MRK) beat expectations.

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