FX.co ★ Indonesia Bourse May Give Up Support At 7,600 Points

The Indonesia stock market concluded its two-day decline on Tuesday, during which it had plummeted nearly 220 points, or 3.2 percent. The Jakarta Composite Index (JCI) now hovers just above the 7,640-point mark, but it is anticipated to open lower on Wednesday.

The global outlook for the Asian markets is tepid due to escalating geopolitical tensions in the Middle East. European markets exhibited mixed results, while U.S. bourses were down, suggesting that Asian markets might follow the latter's trend.

The JCI surged on Tuesday, bolstered by gains in financial shares, cement stocks, and resource companies. The index advanced 114.20 points, or 1.52 percent, to close at 7,642.13—its highest point of the day after dipping to as low as 7,547.11.

Among active stocks, Bank CIMB Niaga increased by 0.27 percent, Bank Mandiri rose by 1.81 percent, Bank Negara Indonesia gained 0.47 percent, Bank Central Asia ascended by 2.18 percent, and Bank Rakyat Indonesia jumped 2.53 percent. Conversely, Bank Maybank Indonesia dipped 0.87 percent, and Indosat Ooredoo Hutchison decreased by 0.46 percent. Indocement climbed 0.37 percent, Semen Indonesia rallied 2.37 percent, Indofood Sukses Makmur strengthened 1.77 percent, and United Tractors increased by 1.10 percent. Astra International improved by 2.48 percent, Energi Mega Persada rose 1.83 percent, Astra Agro Lestari gained 1.89 percent, and Aneka Tambang collected 1.35 percent. Jasa Marga fell 0.61 percent, while Vale Indonesia surged 3.43 percent, Timah soared 2.16 percent, and Bumi Resources skyrocketed 17.21 percent. Bank Danamon Indonesia remained unchanged.

Wall Street provided negative cues as major indices opened lower on Tuesday and stayed in the red throughout the session. The Dow Jones Industrial Average dropped 173.18 points, or 0.41 percent, to settle at 42,156.97. The NASDAQ Composite fell 278.81 points, or 1.53 percent, to conclude at 17,910.36, and the S&P 500 declined 53.73 points, or 0.93 percent, to finish at 5,708.75.

The downturn on Wall Street was attributed to rising tension in the Middle East after Iran launched a ballistic missile attack on Israel. Iran's Islamic Revolutionary Guard Corps stated that the attack was a response to the killing of Hezbollah leader Hassan Nasrallah and others in recent Israeli airstrikes. A senior White House official mentioned that the U.S. had indications of an imminent ballistic missile attack by Iran against Israel, which exacerbated early stock sell-offs.

This Middle East conflict overshadowed reports showing continued contraction in U.S. manufacturing activity in September and an unexpected rise in U.S. job openings in August.

Oil prices escalated on Tuesday amid concerns over potential supply tightness due to heightened tensions in the Middle East following Iran's missile attack on Israel. West Texas Intermediate Crude oil futures for November delivery climbed $1.66, or nearly 2.5 percent, to $69.83 per barrel.