Losses May Accelerate For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has finished lower in two straight sessions, slumping more than 225 points or 4 percent along the way. The Jakarta Composite Index now sits just above the 5,050-point plateau and it may see continued consolidation on Monday.

The global forecast for the Asian markets is soft on concerns over the Middle East and the resulting spike in oil prices. The European markets were flat with a hint of weakness, while the U.S. bourses were sharply lower and the Asian markets figure to split the difference.

The JCI finished modestly lower again on Friday following losses from the technology, finance, infrastructure and energy sectors.

For the day, the index sank 41.01 points or 0.80 percent to finish at 5,057.05 after trading between 4,979.34 and 5,116.01.

The lead from Wall Street is broadly negative as the major averages opened lower on Friday and continued to trend to the downside throughout the trading day, ending near session lows.

The Dow tumbled 572.25 points or 1.09 percent to finish at 51,770.31, while the NASDAQ plunged 747.73 points or 2.86 percent to close at 25,437.00 and the S&P 500 tanked 140.32 points or 1.82 percent to end at 7,580.07. For the week, the NASDAQ dove 2 percent, the Dow slid 0.9 percent and the S&P 500 fell 0.6 percent.

The NASDAQ plunged to its lowest closing level in three months amid continued weakness among technology stocks due to renewed concerns about the artificial intelligence trade.

Intel (INTC) and Amazon (AMZN) led the markets lower with sharp losses after disappointing quarterly results.

Negative sentiment was also generated in reaction to a significant rebound by the price of crude oil amid supply concerns due to the ongoing conflict in the Middle East.

Crude oil prices spiked on Friday on increased supply disruption concerns, with media reports suggesting renewed U.S. military action against Iran this week. West Texas Intermediate crude Oil for December delivery was up $2.39 or 2.34 percent at $104.39 per barrel.

Closer to home, Indonesia will release a batch of data today, including September figures for imports, exports and trade balance, plus October data on consumer prices.

In August, imports were up 19.09 percent on year and exports rose an annual 6.72 percent for a trade surplus of $3.55 billion. Overall inflation was up 0.3 percent on month and 3.28 percent on year in September, while core CPI rose an annual 2.84 percent.