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Indonesia Stock Market May Extend Losing Streak

The Indonesia stock market has finished lower in back-to-back trading days, sliding almost 25 points or 0.4 percent along the way. The Jakarta Composite Index now rests just above the 6,315-point plateau and it's expected to see continued consolidation on Monday.

The global forecast for the Asian markets suggests mild consolidation on geopolitical and trade concerns. The European and U.S. markets were slightly lower and the Asian markets are expected to open in similar fashion.

The JCI finished modestly lower on Friday as losses from the resource stocks were tempered by support from the financial shares and a mixed picture from the cement companies.

For the day, the index shed 20.26 points or 0.32 percent to finish at 6,315.44 after trading between 6,269.69 and 6,352.53.

Among the actives, Bank Danamon soared 1.75 percent, while Bank Mandiri collected 0.31 percent, Bank Central Asia fell 0.51 percent, Bank Negara Indonesia added 0.57 percent, Bank Rakyat Indonesia climbed 1.16 percent, Indosat surged 7.73 percent, Indocement gained 0.87 percent, Semen Indonesia slipped 0.44 percent, Indofood Suskes advanced 1.07 percent, Bumi Resources rose 0.83 percent, Aneka Tambang lost 0.62 percent, Vale Indonesia tumbled 2.04 percent and Timah skidded 1.30 percent.

The lead from Wall Street is soft as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before ending lower.

The Dow shed 34.04 points or 0.13 percent to end at 26,719.13, while the NASDAQ lost 19.63 points or 0.24 percent to 8,031.71 and the S&P 500 fell 3.72 points or 0.13 percent to 2,950. For the week, the Dow added 2.4 percent, the NASDAQ jumped 3 percent and the S&P perked 2.2 percent.

Traders were looking ahead to this week's G20 summit in Japan, where Trump and Chinese President Xi Jinping are due to meet in an effort to revive trade talks.

Traders were also cautious amid escalating tensions between the U.S. and Iran after Iran's Revolutionary Guard shot down an unmanned U.S. surveillance drone on Thursday.

Crude oil prices moved higher on Friday, extending gains from previous session as escalating tensions between the U.S. and Iran raised concerns about a disruption in global crude supplies. West Texas Intermediate crude oil futures for August ended up $0.36 or 0.6 percent at $57.43 a barrel.

Closer to home, Indonesia will provide May figures for imports, exports and trade balance later today. In April, imports were worth $15.10 billion and exports were at $12.60 billion for a trade deficit of $2.51 billion.

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