JCI Drops on Profit Taking

  • Font:
  • Ukuran Font: - +
  • TEMPO.CO, Jakarta - Profit-taking by foreign investors put the stock index in the red zone on yesterday's trading. The Jakarta Composite Index (JCI) lost 31.68 points (0.61 percent) to close at 5,188.114 bps. A total of 6.2 billion shares worth Rp3.7 trillion were traded.

    Ivan Kurniawan, an analyst with First Asia Capital Indonesia, said foreign investors tended to sell in most regional stock exchanges such as the Japan, Hong Kong, Malaysia, and India.

    "There are indications that foreign investors have gradually begun to clear their portfolios in emerging markets," he said.

    In Indonesia, market participants tend to switch portfolios. Coal stocks were hunted down while metal and mineral stocks were sold because tin and nickel prices were down.

    "Meanwhile, banking stocks are relatively stagnant and other stocks are pressured by the US dollar gain that nearly broke the Rp12,000 mark," said Ivan.

    Today the JCI is expected to move in a consolidative way with a tendency to weaken, testing the support level of 5,150 and resisting at 5,230. Investors are advised to have short-term trading on the blue chip stocks.