JCI Inches Lower by 29.64 Points at Opening

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  • TEMPO.CO, Jakarta - The Jakarta Composite Index (JCI) at the Indonesian Stock Exchange (IDX) opened lower by 29.64 points or 0.60 percent to begin trading at 4,933.29 at the start of trading on Thursday morning, as it is affected by the negative market movements around the globe. 

    The Top 45 Index (LQ45) also went down by 6.07 points or 0.72 percent to 833,04 points. 

    "The IDX is inching lower as global markets slid amid disappointing retail figures in the US, as well as worries that Europe may slip into yet another recession," said Tiesha Narandha Putri, an analyst for Samuel Sekuritas. 

    That said, global oil prices, which have dipped by 0.6 percent this morning, is expected to generate a negative buzz around commodity shares within the domestic market. "The commodity sector is expected to under-perform as a result," she said. 

    According to Tiesha, market players are hoping that the upcoming presidential inauguration on October 20, 2014 will provide the boost the IDX needs to return into the green zone. "Especially since Jokowi plans to release the names of his cabinet ministers one day after the inauguration," she said. 

    Meanwhile across Asia, Hong Kong's Hang Seng Index slid by 213.35 points or 0.92 percent to 22,926.90 points, while the Nikkei went down by 328.84 points or 2.18 percent to 14,744.27 points. Singapore's Straits Times Index also dipped by 34.77 points or 1.11 percent to 3,163.02 points.