The Indonesia stock market on Friday wrote a finish to the modest two-day winning streak in which it had gathered more than 20 points or 0.3 percent. The Jakarta Composite Index now sits just above the 6,560-point plateau and it's looking at another red light for Monday's trade.
The global forecast for the Asian markets is broadly negative on fears of lockdown measures following the rapid spread of a new COVID variant. The European and U.S. markets were sharply lower and the Asian bourses figure to open in similar fashion.
The JCI finished sharply lower on Friday following losses from the financial shares, resource stocks and cement companies.
For the day, the index plunged 136.80 points or 2.06 percent to finish at 6,561.55 after trading between 6,544.90 and 6,691.71.
Among the actives, Bank Danamon Indonesia retreated 1.59 percent, while Bank CIMB Niaga declined 2.42 percent, Bank Negara Indonesia fell 4.18 percent, Bank Central Asia gave away 2.02 percent, Bank Mandiri tumbled 3.40 percent, Bank Rakyat Indonesia slid 1.42 percent, Indosat soared 3.86 percent, Indocement plunged 4.07 percent, Semen Indonesia dropped 2.93 percent, Indofood Suskes sank 1.93 percent, United Tractors tanked 4.60 percent, Astra International crashed 5.22 percent, Astra Agro Lestari surrendered 3.85 percent, Aneka Tambang cratered 4.10 percent, Vale Indonesia lost 3.25 percent, Timah shed 4.76 percent and Bumi Resources plummeted 5.63 percent.
The lead from Wall Street suggests heavy selling pressure as the major averages opened sharpy lower on Friday and remained that way throughout the session.
The Dow plummeted 905.04 points or 2.53 percent to finish at 34,899.34, while the NASDAQ plunged 353.57 points or 2.23 percent to close at 15,491.66 and the S&P 500 tumbled 106.84 points or 2.27 percent to end at 4,594.62.
For the week, the NASDAQ dropped 3.5 percent, the Dow sank 2.2 percent and the S&P retreated 2.0 percent.
The sell-off on Wall Street followed reports a new coronavirus variant has been detected in South Africa. The news, which comes amid a surge in new Covid-19 cases in Europe, raised concerns the pandemic could continue to wreak havoc on the global economy.
Crude oil prices plummeted on Friday, sending the most active crude futures contract to their biggest single-session fall this year as reports of the new coronavirus variant raised concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for December ended down $10.24 or 13 percent at $68.15 a barrel, the biggest single-session loss since April 2020.
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