The Indonesia stock market turned lower again on Friday, one day after snapping the three-day losing streak in which it had stumbled more than 100 points or 1.4 percent. The Jakarta Composite Index now sits just beneath the 7,300-point plateau and it may extend its losses on Monday.
The global forecast for the Asian markets is negative, with oil and technology shares likely to lead the way lower. The European and U.S. markets were down and the Asian bourses figure to follow that lead.
The JCI finished modestly lower on Friday following mixed performances from the financial shares, resource stocks and cement companies.
For the day, the index shed 26.58 points or 0.36 percent to finish at 7,294.50 after trading between 7,249.82 and 7,315.14.
Among the actives, Bank CIMB Niaga gained 0.56 percent, while Bank Mandiri shed 0.38 percent, Bank Danamon Indonesia added 0.38 percent, Bank Negara Indonesia gathered 0.49 percent, Bank Central Asia collected 0.25 percent, Bank Rakyat Indonesia perked 0.20 percent, Indosat Ooredoo Hutchison tanked 2.75 percent, Semen Indonesia sank 0.49 percent, United Tractors improved 1.23 percent, Astra International dipped 0.22 percent, Energi Mega Persada dropped 0.88 percent, Astra Agro Lestari lost 0.43 percent, Aneka Tambang tumbled 1.82 percent, Jasa Marga surged 4.39 percent, Vale Indonesia rose 0.26 percent, Timah surrendered 2.90 percent, Bumi Resources plunged 2.50 percent and Indocement and Indofood Sukses Makmur were unchanged.
The lead from Wall Street is soft as the major averages opened mixed but quickly turned lower and spent the rest of the day solidly in the red.
The Dow tumbled 377.49 points or 0.93 percent to finish at 40,287.53, while the NASDAQ sank 144.28 points or 0.81 percent to end at 17,726.94 and the S&P 500 lost 39.59 points or 0.71 percent to close at 5,505.00.
For the week, the NASDAQ plunged 3.7 percent and the S&P 500 tumbled 2.0 percent, but the Dow rose 0.7 percent.
With concerns about the outlook for tech stocks recently weighing on Wall Street, negative sentiment may have been generated by a major IT outage.
The operations of major banks, media outlets, hospitals and airlines worldwide were affected due to the widespread outage, which was purportedly caused by an update by cybersecurity firm CrowdStrike (CRWD).
Oil prices fell to a four-week low on Friday amid concerns about the outlook for demand from China and on renewed hopes of a ceasefire in Gaza, while a firm dollar also weighed on oil prices. West Texas Intermediate Crude oil futures for August sank $2.69 or 3.25 percent at $80.13 a barrel, the lowest settlement since June 17.