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Lower Open Expected For Indonesia Stock Market

The Indonesia stock market headed south again on Friday, one session after it had halted the two-day slide in which it had stumbled almost 60 points or 0.9 percent. The Jakarta Composite Index now rests just above the 6,380-point plateau and it may extend its losses on Monday.

The global forecast for the Asian markets is negative on falling crude oil prices and disappointing economic data. The European and U.S. markets were down on Friday and the Asian markets are tipped 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 sank 74.89 points or 1.16 percent to finish at 6,383.07 after trading between 6,381.73 and 6,442.20.

Among the actives, Indocement skidded 2.63 percent, while Semen Indonesia dropped 1.77 percent, United Tractors retreated 1.88 percent, Indofood Suskes added 0.69 percent, Unilever sank 1.64 percent, Kalbe Farma advanced 0.99 percent, Bank Danamon Indonesia collected 0.33 percent, Bank Central Asia shed 0.91 percent, Bank Mandiri tumbled 2.47 percent, Bank Negara Indonesia lost 1.42 percent, Bank Rakyat Indonesia fell 1.28 percent, Indosat plummeted 7.21 percent, Bumi Resources contracted 4.05 percent, Aneka Tambang tumbled 5.26 percent, Timah plunged 6.67 percent and Vale Indonesia dropped 6.17 percent.

The lead from Wall Street is uninspired as stocks opened lower Friday, came off session lows as the day progressed but still ended slightly in the red.

The Dow shed 22.99 points or 009 percent to 25.450.24, while the NASDAQ lost 13.32 points or 0.18 percent to 7,408.14 and the S&P 500 fell 5.86 points or 0.21 percent to 2,743.07. For the week, the Dow and the S&P both slumped 2.2 percent, while the NASDAQ tumbled 2.5 percent.

The initial weakness on Wall Street came after the Labor Department said job growth nearly ground to a halt in February after soaring in January. The much weaker than expected job growth in February represented the worst month since September 2017

Concerns about the global economy also weighed on the markets after the European Central Bank downgraded its GDP forecasts and China reported weaker than expected trade data for February.

Crude oil futures ended lower on Friday as worries about demand growth resurfaced on data showing weak jobs growth in the U.S. and a sharp plunge in Chinese exports. West Texas Intermediate Crude oil futures for April ended down $0.59 or 1 percent at $56.07 a barrel.

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