JCI Closes Weak on Fuel Price Sentiments
30 October 2014 20:54 WIB
TEMPO.CO, Jakarta – The Jakarta Composite Index (JCI) lost 15.3 points (0.30 percent) to close Thursday's trade at 5,058.84 bps, antaranews reported. The LQ45 also lost 3.18 points (0.37 percent); closing at 860.29 bps.
Reza Priyambada, chief researcher at Woori Korindo Securities Indonesia, said most investors decided to profit take in response to the government's announcement that subsidized fuel prices will be raised before the year changes.
"Nevertheless, the positive movement of most regional stock exchanges helped the IDX's indices from being corrected further," he said.
The market's positive expectation on issuers' third-quarter performances, a stable exchange rate, and foreign net buys also held the index from plunging deeper. Today's trade saw foreign investors recording a net buy of Rp255.06 billion.
HD Capital analyst Yuganur Wijanarko said after The Fed confirmed the end of its US$4-trillion bond-buying program known as quantitative easing (QE3)—pledging that rates would be kept at near zero for "a considerable time", investors' focus shifted to the government's plan to raise fuel prices.
"Market participants are waiting for confirmation on when the fuel price hike will happen before [the index] could bounce back to around 5,100 bps," he said.
IDX recorded a trading frequency of 199,798 times, with 3.51 billion shares traded for Rp3.84 trillion. Today's trade also noted 126 stocks gaining and 179 losing prices.
Meanwhile, Asian bourses closed on various results, with the Hang Seng dropping 117.83 points (0.49 percent) to 23,702.04 bps, while the Nikkei gained 104.29 points (0.67 percent) at 15,658.20 bps. The Straits Times also closed up, winning 10.28 points (0.32 percent) to end the day's trade at 3,234.31.
ANTARA