Jakarta, Indonesia (News Today) - The Composite Stock Price Index (JKSE) at the Indonesian Stock Exchange here Tuesday morning got off to a weak start on sell-offs of blue chip and small-cap shares. The JKSE index declined 1.947 point or 0.07 percent to 2,875.320 points and the LQ-45 index plunged 0.05 percent or 0.398 point to 557.507 points.
Investors sold off blue chip and small-cap shares following regional bourse losses especially the Wall Street slump, according to Ahmad Riyadi, a research analyst of PT Millennium Danatama Securities.
Among top losers at the Indonesian bourse were Bank Mandiri shares that lost Rp50 to Rp5,750, ABDA shares that plunged Rp15 to Rp405 and mining company Antam shares declined Rp10 to Rp1,500 and Astra International sahres dropped Rp250 to Rp46,350 per share.
"We are optimistic that the market in the closing session this noon will still be rather slow," he said.
Meanwhile, the rupiah weakened against the US dollar in the Jakarta interbank spot market here Tuesday morning as investors released the local unit following the regional bourse losses. The Indonesian currency traded Rp9,075-Rp9,085 per US dollar, down 20 points from Rp9,055-Rp9,065 per US dollar in the market’s close a day earlier.
The domestic money market activity was rather sluggish as investors were still waiting for a positive market sentiment according to Edwin Sinaga, president director of PT Finan Corpindo Nusa.
"We expect a sluggish market condition as a market’s positive sentiment factor has not come out yet," he said.
Foreign investors were still studying a new regulation of Bank Indonesia (BI) which asked them to hold their funds in the Bank Indonesia Certificates (SBI) for at least a month.
They also concentrated on the recent report of the Central Bureau of Statistics (BPS) on the country’s July inflation rate which is expected to increase following basic goods price hikes in the run up to the upcoming fasting month of Ramadhan, he said.
Source : kompas
Saturday, July 10, 2010
Indonesian Stocks Trade Lower on Sell-Offs
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