The Indonesia stock market has moved lower in consecutive trading days, slumping more than 100 points or 1.5 percent along the way. The Jakarta Composite Index now rests just beneath the 6,710-point plateau and it may take further damage on Monday.
The global forecast for the Asian markets is mixed to lower on concerns over recession and the debt ceiling. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.
The JCI finished modestly lower on Friday following losses from the energy and resource stocks, while the financials and cement companies were mixed.
For the day, the index sank 48.18 points or 0.71 percent to finish at 6,707.76.
Among the actives, Bank CIMB Niaga surged 6.04 percent, while Bank Mandiri and Aneka Tambang both tumbled 1.96 percent, Bank Danamon Indonesia sank 0.72 percent, Bank Negara Indonesia retreated 1.64 percent, Bank Central Asia fell 0.28 percent, Indosat Ooredoo Hutchison rallied 2.63 percent, Indocement dipped 0.24 percent, Semen Indonesia rose 0.43 percent, Indofood Suskes skidded 1.10 percent, United Tractors was down 0.10 percent, Astra International shed 0.40 percent, Energi Mega Persada declined 1.77 percent, Astra Agro Lestari slid 0.33 percent, Vale Indonesia plunged 2.90 percent, Bumi Resources advanced 0.83 percent and Bank Rakyat Indonesia, Timah and Perusahaan Gas Negara were unchanged.
The lead from Wall Street is soft as the major averages opened higher on Friday but quickly turned lower, spending the rest of the session in the red and finishing with mild losses.
The Dow dipped 8.88 points or 0.03 percent to finish at 33,300.62, while the NASDAQ sank 43.76 points or 0.35 percent to end at 12,284.74 and the S&P 500 eased 6.54 points or 0.16 percent to close at 4,124.08.
For the week, the Dow slumped 1.1 percent, the S&P fell 0.3 percent and but the NASDAQ rose 0.4 percent.
The early downturn on Wall Street followed the release of a report from the University of Michigan showing U.S. consumer sentiment deteriorated much more than anticipated in May.
Worries about the debt ceiling crisis also continued to hang over the markets, with the postponement of a meeting between President Joe Biden and top lawmakers adding to jitters about a potential default.
Crude oil prices fell Friday on the dollar's strength and worries about the outlook for energy demand. Fears of the U.S. falling into a recession and the impasse in debt ceiling talks boosted dollar's safe-haven appeal and hurt oil prices. West Texas Intermediate Crude oil futures fell $0.83 or 1.2 percent at $70.04 a barrel.
Closer to home, Indonesia will release April numbers for imports, exports and trade balance later today. Imports are expected to sink 7.85 percent on year after falling 6.26 percent in March. Exports are tipped to plummet an annual 18.55 percent after sinking 11.33 percent in the previous month. The trade surplus is pegged at $3.38 billion, up from $2.91 billion a month earlier.
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