(RTTNews) - The Indonesia stock market on Friday ended the two-day winning streak in which it had gathered almost 110 points or 1.7 percent. The Jakarta Composite Index now rests just above the 6,920-point plateau and the losses may accelerate on Monday.
The global forecast for the Asian markets is weak thanks to rising crude oil prices and tumbling technology stocks. The European markets were up and the U.S. bourses were down and the Asian markets are tipped to follow the latter lead.
The JCI finished barely lower on Friday following losses from the cement and resource stocks, while the financials came in mixed.
For the day, the index eased 1.41 points or 0.02 percent to finish at the daily low of 6,922.60 after peaking at 6,853.86.
Among the actives, Bank Danamon Indonesia climbed 1.29 percent, while Bank CIMB Niaga collected 0.48 percent, Bank Negara Indonesia rallied 2.25 percent, Bank Central Asia rose 0.32 percent, Bank Mandiri fell 0.33 percent, Bank Rakyat Indonesia plummeted 3.72 percent, Indosat dropped 0.93 percent, Indocement dipped 0.23 percent, Semen Indonesia retreated 1.44 percent, Indofood Suskes shed 0.41 percent, United Tractors spiked 2.89 percent, Astra International gained 0.40 percent, Energi Mega Persada surrendered 1.37 percent, Bakrie Sumatera Plantations advanced 0.83 percent, Astra Agro Lestari added 0.64 percent, Aneka Tambang tumbled 1.95 percent, Vale Indonesia declined 1.61 percent, Timah plunged 3.03 percent and Bumi Resources was unchanged.
The lead from Wall Street is negative as the major averages opened higher on Friday but were unable to hold on to their gains and finished firmly in the red.
The Dow skidded 229.91 points or 0.69 percent to finish at 32,944.19, while the NASDAQ tumbled 286.19 points or 2.18 percent to end at 12,843.81 and the S&P 500 sank 55.21 points or 1.30 percent to close at 4.204.31. For the week, the Dow shed 2 percent, the NASDAQ lost 3.5 percent and the S&P fell 2.9 percent.
Rising worries about the economic impact of the ongoing Russian invasion of Ukraine war and the various sanctions imposed on Russia by the U.S. and the Western allies rendered the mood bearish.
In economic news, the University of Michigan noted a bigger than expected drop in U.S. consumer sentiment in March. The report also showed that one-year inflation expectations jumped to 5.4 percent in March from 4.9 percent in February, while five-year inflation expectations held at 3.0 percent.
Crude oil prices climbed higher Friday on concerns about disruptions in supply amid uncertainty about any meaningful progress in talks between Russia and Ukraine. West Texas Intermediate Crude oil futures for April ended higher by $3.31 or 3.1 percent at $109.33 a barrel. WTI crude futures shed 5.5 percent in the week.
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