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Losing Streak May Continue For Indonesia Shares

The Indonesia stock market has finished lower in three straight sessions, dropping more than 50 points or 0.9 percent along the way. The Jakarta Composite Index now rests just above the 6,250-point plateau and it's likely to open under pressure again on Monday.

The global forecast for the Asian markets is slightly negative, although technology stocks are likely to weigh. The European and U.S. market were down and the Asian bourses are predicted to follow suit.

The JCI finished modestly lower on Friday following losses from the financial shares, cement companies and resource stocks.

For the day, the index fell 22.81 points or 0.36 percent to finish at 6,250.27 after trading between 6,234.99 and 6,294.65.

Among the actives, Bank Danamon Indonesia plunged 4.45 percent, while Bank Central Asia eased 0.09 percent, Bank Negara Indonesia skidded 1.73 percent, Bank Rakyat Indonesia collected 0.71 percent, Indosat added 0.51 percent, Indocement dipped 0.24 percent, Semen Indonesia eased 0.22 percent, Indofood Suskes rose 0.356 percent, United Tractors gained 0.56 percent, Bumi Resources sank 0.83 percent, Aneka Tambang climbed 1.28 percent, Vale Indonesia slid 0.35 percent, Timah retreated 0.85 percent and Bank Mandiri was unchanged.

The lead from Wall Street is soft as stocks opened lower on Friday, staged a mild recovery in afternoon trade but still finished in the red.

The Dow shed 17.19 points or 0.07 percent, while the NASDAQ lost 40.47 points or 0.562 percent to 7,796.66 and the S&P fell 4.66 points or 0.16 percent to 2,886.98. For the week, the Dow added 0.4 percent, the NASDAQ rose 0.7 percent and the S&P advanced 0.5 percent.

Tech stocks came under pressure after Broadcom (AVGO) reported better than expected fiscal second quarter earnings but lowered its full-year revenue guidance due to ongoing geopolitical uncertainties.

In economic news, the Commerce noted a solid gain in retail sales in May and a strong upward revision in April. Also, the Federal Reserve noted a bigger than expected increase in industrial production in May, although the University of Michigan said its reading on consumer sentiment dropped in June.

Crude oil prices moved up Friday amid rising geopolitical tensions following the recent attacks on two oil tankers in the Gulf of Oman. West Texas Intermediate crude oil futures for July ended up $0.23 or 0.4 percent at $52.51 a barrel. For the week, WTA crude oil futures shed 2.7 percent.

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