Indonesia Shares May Head South Again On Monday

(RTTNews) - The Indonesia stock market on Friday snapped the three-day losing streak in which it had stumbled more than 180 points or 2.6 percent. The Jakarta Composite Index now sits just above the 7,100-point plateau Although it's likely to open under water on Monday.

The global forecast for the Asian markets is soft on concerns over U.S. tariffs that were put in place over the weekend. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The JCI finished modestly higher on Friday as gains from the food and financial shares were offset by weakness from the resource stocks.

For the day, the index gained 35.72 points or 0.50 percent to finish at 7,109.20 after trading between 7,095.68 and 7,174.75.

Among the actives, Bank CIMB Niaga collected 0.58 percent, while Bank Mandiri slumped 1.23 percent, Bank Danamon Indonesia improved 0.79 percent, Bank Negara Indonesia spiked 2.80 percent, Bank Central Asia soared 3.28 percent, Bank Rakyat Indonesia accelerated 2.43 percent, Indosat Ooredoo Hutchison advanced 0.87 percent, Semen Indonesia skidded 1.06 percent, Indofood Sukses Makmur jumped 2.95 percent, United Tractors jumped 1.63 percent, Astra International added 0.42 percent, Energi Mega Persada rallied 3.81 percent, Astra Agro Lestari shed 0.42 percent, Aneka Tambang fell 0.36 percent, Jasa Marga sank 0.70 percent, Vale Indonesia retreated 1.32 percent, Timah dropped 0.99 percent and Indocement, Bank Maybank Indonesia and Bumi Resources were unchanged.

The lead from Wall Street is negative as the major averages opened higher on Friday and stayed that way for much of the day before a late slide saw them all finish in the red.

The Dow tumbled 337.44 points or 0.75 percent to finish at 44.544.66, while the NASDAQ slumped 54.26 points or 0.28 percent to close at 19,627.44 and the S&P 500 sank 30.64 points or 0.50 percent to end at 6,040.53. For the week, the Dow rose 0.3 percent, the S&P 500 dropped 1.0 percent and the NASDAQ lost 1.6 percent.

Stocks plummeted in afternoon trading after White House press secretary Karoline Leavitt confirmed President Donald Trump's threatened tariffs will be levied against major U.S. trading partners beginning the following day.

Leavitt said the Trump administration will be implementing 25 percent tariffs on Mexico and Canada as well as a 10 percent tariff on China.

The news the tariffs will be implemented led to concerns about higher inflation keeping the Federal Reserve on hold for longer.

Oil futures settled lower Friday amid uncertainty about implementation of Trump's tariff plans on Canada and Mexico, while a stronger dollar also weighed. West Texas Intermediate crude oil futures for March fell $0.20 at $72.53 a barrel.