JCI Slips by 74.32 Points

TEMPO.CO, Jakarta - The Jakarta Composite Index (JCI) at the Indonesian Stock Exchange (ISX) has inched lower by 74.32 points at the end of trading on Wednesday evening, in line with the global shares market which dipped, following the release of International Monetary Fund's (IMF) report that projected a global economic slow down.

The JCI went down by 74.32 points, or 1.50 percent to 4,958.51 points. Meanwhile, the Top 45 Index (LQ45) also went down by 15.03 points or 1.80 percent to 837.36 points.

"The grim IMF outlook has sent global share prices tumbling down," said Reza Priyambada, an analyst for Woori Korindo Securities Indonesia, who believes that the condition is pushing the foreign investors to sell their stakes in the market.

In Wednesday's trading session, the ISX recorded net sales totalling Rp232,207 billion.

That said, Reza believes that performance reports for a number of companies, which is due to be released soon, will be able to breathe some positive boost for the Index.

Meanwhile, a research by Sinarmas Sekuritas, predicted that tomorrow, the JCI will hover around 4,922-4,973 points. "The ISX will continue to be influenced by global sentiments following the release of The Fed's Board Meeting September 2014 agendas," said the research.

On the other hand, the JCI will continue to face pressures from the market as investors try to make sense of the domestic political situation leading up to the Presidential Inauguration on October 20.

ISX records show that 5.27 billion shares were traded in 207,193 transactions on Wednesday, with a total capitalisation of Rp5.32 trillion.

Meanwhile across Asia, the Hang Seng Index went down by 159.19 points or 0.68 percent to 23,263.33 points, while the Nikkei also slid by 187.85 points or 1.19 percent to close at 15,595.98 points. Singapore's Straits Times Index similarly weakened by 17.28 points or 0.53 percent, to close at 3,226.71 points at the end of Wednesday's trading.

Antara | Zubi Mahrofi | Heppy Ratna