(RTTNews) – The Indonesia stock market has tracked lower in three straight sessions, slumping almost 250 points or 3.1 percent in that span. The Jakarta Composite Index now sits just above the 6,900-point plateau and it may continue to spin its wheels on Monday.
The global forecast for the Asian markets is negative thanks to U.S. involvement in the Israel/Iran conflict. The European and U.S. markets were mixed but the Asian markets figure to open under water.
The JCI finished modestly lower again on Friday following losses from the financial shares, cement stocks and resource companies.
For the day, the index shed 61.50 points or 0.88 percent to finish at 6,907.14 after trading between 6,873.72 and 6,956.81.
Among the actives, Bank CIMB Niaga fell 0.30 percent, while Bank Mandiri slumped 0.80 percent, Bank Danamon Indonesia rallied 2.06 percent, Bank Negara Indonesia slipped 0.48 percent, Bank Central Asia and Astra Agro Lestari both shed 0.85 percent, Bank Rakyat Indonesia dipped 0.26 percent, Indosat Ooredoo Hutchison added 0.48 percent, Indocement retreated 1.35 percent, Semen Indonesia stumbled 1.83 percent, Astra International lost 0.88 percent, Energi Mega Persada added 0.56 percent, Aneka Tambang plunged 3.90 percent, Vale Indonesia tumbled 1.81 percent, Timah dropped 0.90 percent, Bumi Resources sank 0.83 percent and Indofood Sukses Makmur and United Tractors were unchanged.
The lead from Wall Street remains murky as the major averages opened higher on but quickly fell under water, finally finishing mixed and little changed.
The Dow rose 35.16 points or 0.08 percent to finish at 42,206.82, while the NASDAQ dropped 98.86 points or 0.51 percent to close at 19,447.41 and the S&P 500 sank 13.03 points or 0.22 percent to end at 5,967.84.
The positive boost to kick off trade on Wall Street came after the White House said President Donald Trump sees a “substantial chance of negotiations” and would decide within two weeks whether to authorize a direct U.S. military strike on Iran.
Of course, on Saturday the United States bombed three sites in Iran that are suspected nuclear development areas. The fallout from those attacks remains uncertain.
On the economic front, the Federal Reserve Bank of Philadelphia said on Friday that regional manufacturing activity remained weak in June. The Philly Fed said its diffusion index for current general activity was unchanged in June after jumping to a negative 4.0 in May, with a negative reading indicating contraction. Economists had expected the index to rise to a negative 1.0.
Crude oil price slipped on Friday as concerns of U.S. involvement in the Israel-Iran conflict faded, even as the fighting between the two nations intensified. West Texas Intermediate crude for July delivery closed down by $0.21 to $74.93 per barrel.
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