(RTTNews) - The Indonesia stock market has finished lower in three straight sessions, plummeting more than 600 points or 10 percent in that span. The Jakarta Composite Index now sits just beneath the 5,600-point plateau and it's got a negative lead predicted again for Monday.
The global forecast for the Asian markets is broadly negative with heavy pressure likely among technology companies. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The JCI has been in freefall in recent weeks due to concerns over the government's widening fiscal deficit, high global oil prices driving inflation, and structural market issues.
For the day, the index cratered 245.02 points or 4.20 percent to finish at 5,594.77 after trading between 5,594.11 and 5,860.67.
Among the actives, Bank CIMB Niaga retreated 1.90 percent, while Bank Mandiri tumbled 3.27 percent, Bank Danamon Indonesia contracted 2.10 percent, Bank Negara Indonesia plunged 6.14 percent, Bank Central Asia surrendered 6.45 percent, Bank Rakyat Indonesia dropped 2.49 percent, Indosat Ooredoo Hutchison tanked 8.74 percent, Indocement declined 5.15 percent, Semen Indonesia stumbled 4.60 percent, Indofood Sukses Makmur sank 3.20 percent, United Tractors skidded 3.41 percent, Astra International shed 1.30 percent, Energi Mega Persada plummeted 10.45 percent, Astra Agro Lestari rallied 1.59 percent, Aneka Tambang dipped 0.36 percent, Vale Indonesia soared 4.10 percent, Timah jumped 2.94 percent and Bumi Resources cratered 7.33 percent.
The lead from Wall Street is brutal as the major averages opened lower on Friday and accelerated deeper into the red throughout the day, ending at session lows.
The Dow plunged 695.15 points or 1.35 percent to finish at 50,866.78, while the NASDAQ cratered 1,121.53 points or 4.18 percent to close at 25,709.43 and the S&P 500 tumbled 200.57 points or 2.64 percent to end at 7,383.74.
For the week, the NASDAQ plummeted 4.7 percent, the S&P 500 dove 2.9 percent and the Dow dipped 0.3 percent.
The sell-off on Wall Street came as technology stocks remained under pressure amid concerns about valuations.
Profit taking also contributed to the substantial weakness following recent strength in the markets, which lifted them to record closing highs.
A sharp increase by treasury yields also weighed on Wall Street, with yields surging following the release of stronger than expected U.S. jobs data.
Crude oil prices slumped on Friday on optimism that the Strait of Hormuz may re-open in the coming days. West Texas Intermediate crude for July delivery was down $2.97 or 2.97 percent at $90.07 per barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
