Indonesia Bourse May Turn Lower Again On Monday

(RTTNews) - The Indonesia stock market on Friday halted the two-day slide in which it had dropped almost 140 points or 1.9 percent. The Jakarta Composite Index now sits just shy of the 7,540-point plateau although it's likely to head south again on Monday.

The global forecast for the Asian markets is broadly negative on new U.S. tariffs, plus an extremely weak American jobs report. The European and U.S. markets were sharply lower and the Asian bourses figure to follow that lead.

The JCI finished modestly higher on Friday following telecom, cement and resource companies, while the financial shares were mixed.

For the day, the index gained 53.43 points or 0.71 percent to finish at 7,527.77 after trading between 7,523.62 and 7,579.61.

Among the actives, Bank CIMB Niaga dipped 0.29 percent, while Bank Mandiri collected 0.44 percent, Bank Central Asia rose 0.30 percent, Bank Rakyat Indonesia improved 0.81 percent, Indosat Ooredoo Hutchison surged 4.09 percent, Indocement skyrocketed 6.67 percent, Semen Indonesia jumped 2.03 percent, Indofood Sukses Makmur lost 0.59 percent, United Tractors shed 0.52 percent, Astra International tumbled 1.96 percent, Energi Mega Persada plunged 3.39 percent, Aneka Tambang climbed 1.05 percent, Vale Indonesia rallied 3.19 percent, Timah retreated 1.49 percent and Bumi Resources, Astra Agro Lestari, Bank Danamon Indonesia and Bank Negara Indonesia were unchanged.

The lead from Wall Street is brutal as the major averages opened sharply lower on Friday and remained deep in the red throughout the session.

The Dow tumbled 542.42 points or 1.23 percent to finish at 43,588.58, while the NASDAQ tanked 472.27 points or 2.24 percent to close at 20,650.13 and the S&P 500 dropped 101.38 points or 1.60 percent to end at 6,238.01.

For the week, the Dow plummeted 2.9 percent, while the S&P sank 2.4 percent and the NASDAQ was down 2.2 percent.

The sell-off on Wall Street came amid concerns about the economic impact of President Donald Trump's tariffs, as the White House announced new tariff rates on dozens of countries.

The new tariffs range from just 10 percent to as high as 41 percent, and the White House said a 40 percent levy will be imposed on goods that have been transshipped to evade applicable duties.

Negative sentiment was also generated in reaction to the closely watched Labor Department report showing much weaker than expected job growth in the month of July.

Crude oil prices fell Friday on demand concerns for potentially reduced consumption amid new tariffs from the U.S. government. West Texas Intermediate crude for September delivery was down $1.92 or 2.77 percent at $67.34 per barrel.