JCI Tumbles as Market Awaits Cabinet Announcement
21 October 2014 19:00 WIB
TEMPO.CO, Jakarta - Shares at the Indonesian Stock Exchange (IDX) took a tumble at the end of Tuesday's trading session, as the inauguration euphoria begins to subside and investors anticipate the announcement of the composition of the new administration's cabinet.
The Jakarta Composite Index (JCI) at the IDX slid by 11.18 points or 0.22 percent to close at 5,029.34 points, while the Top 45 (LQ45) Index slid by 1.59 points or 0.19 percent to close at 853.43 points.
"The positive boost stemming from the recent inauguration has begun to subside, as market players are focused on the possible composition of the cabinet," said Alfiansyah, the head of research at Valbury Asia Securities.
Furthermore, market players are awaiting the financial summaries of a number of major publicly—traded entities for the third quarter of 2014—which is expected to be released very soon.
External factors are also affecting the IDX's movement. Wall Street's limited gains on Monday contributed to putting an end to the IDX's gains.
An analyst with HD Capital, Yuganur Wijanarko, said that although the IDX was also suffering as market players unloaded their shares to reap in profits, the downtrend was not expected to last—in fact, Wijanarko predicts that the IDX is heading towards a new high at around 5,126 points.
"When the IDX faces some sort of correction, market players should take advantage of the falling prices to selectively accumulate shares," he said.
Throughout Tuesday's trading session, the IDX recorded 173,046 transactions in which 2.95 billion shares were traded with a total capitalization of Rp3.62 trillion. Out of all shares traded on the Index, 134 shares went up, 174 shares experienced losses, while 96 shares remained stagnant.
Meanwhile across Asia, the Hang Seng Index went up by 18.32 points or 0.08 percent to 23,088.58 points, while the Nikkei slid by 306.95 points or 2.03 percent to 14,804.28 points. Singapore's Straits Times Index went up by 17.13 points or 0.54 percent.
ANTARA
