Index Down with Foreign Sales
25 September 2014 14:50 WIB
TEMPO.CO, Jakarta – The Jakarta Composite Index (JCI) lost 14 points (0.27 percent) to close at 5,174 bps in yesterday's trade. A continued sell-off of shares by foreign investors caused the index to take a downturn after advancing during the opening session.
Most Asian stock moved flat in a downward tendency, except for the Chinese market that soared 1.47 percent to 2,343 bps with speculations over China's increase in defense spending.
Aiza, an analyst with Samuel Sekuritas Indonesia, said the lack of positive sentiments from regional markets and the continued selloff by foreign investors caused the index correction. "Foreigners are still selling, booking a net sale of Rp359 billion," Aiza said yesterday.
Stocks that got sold included blue chips like Astra International, Telkom Indonesia, Semen Indonesia, Indocement Tunggal Perkasa, and Astra Agro Lestari. Meanwhile, local investors opted to buy consumer and retail stocks such as Indofood CBP and Matahari Department Store.
According to Aiza, investors are also on the wait for the Parliament's decision related to the local elections system. "However, market expectations on president-elect Joko Widodo remain still positive," she said.
Today the JCI may move lower in the range of 5,150 to 5,196. The index will be affected by the US release on new home sales data, which is expected to rise 4.4 percent.
PDAT | M. AZHAR
