Indonesia Stock Market May Extend Losing Streak

(RTTNews) - The Indonesia stock market has finished lower in three straight sessions, stumbling more than 320 points or 4.7 percent in that span. The Jakarta Composite Index now sits just above the 6,740-point plateau and it may take further damage on Monday.

The global forecast for the Asian markets is negative on inflation and tariff concerns. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The JCI finished sharply lower on Friday following mixed performances from the food, finance, cement and resource companies.

For the day, the index tumbled 132.96 points or 1.93 percent to finish at 6,742.58 after trading between 6,656.72 and 6,769.78.

Among the actives, Bank Central Asia rallied 4.47 percent, while Bank Rakyat collected 1.51 percent, Astra International improved 2.20 percent, Indofood spiked 3.88 percent, Sumber Alfaria retreated 1.69 percent, United Tractors climbed 1.54 percent, Adaro Energy dropped 0.87 percent, Indofood Sukses jumped 1.66 percent, Kalba Farma stumbled 2.69 percent, Unilver plunged 5.63 percent, Jasa Marga declined 1.69 percent, Vale Indonesia surged 3.17 percent, Semen Indonesia tanked 2.53 percent and Bumi Resources plummeted 3.54 percent.

The lead from Wall Street is soft as the major averages opened higher on Friday but quickly slipped under water and finished the session with sizeable losses.

The Dow stumbled 444.20 points or 0.99 percent to finish at 44,303.40, while the NASDAQ slumped 268.60 points or 1.36 percent to close at 19,523.40 and the S&P 500 sank 57.58 points or 0.95 percent to end at 6,025.99. For the week, the S&P 500 dipped 0.2 percent, while the Dow and the NASDAQ both fell 0.5 percent.

The weakness that emerged early in the session came after the University of Michigan released a report showing consumer sentiment unexpectedly deteriorated in February amid a surge by year-ahead inflation expectations.

Stocks saw further downside after President Donald Trump said he will announce reciprocal tariffs on many countries this week, with the U.S. imposing tariffs on imports equal to the rates imposed on American exports.

Traders were also reacting to mixed U.S. jobs data, with a closely watched Labor Department report showing weaker than expected job growth in January but an unexpected decrease in the unemployment rate.

Oil prices climbed higher on Friday after the U.S. imposed new sanctions on Iran's crude exports, although a stronger dollar limited oil's gains. West Texas Intermediate Crude oil futures for March rose $0.39 or 0.5 percent at $71.00 a barrel. WTI crude futures shed 2 percent in the week.