JCI Drops by 6.98 points on Tuesday Morning

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  • TEMPO.CO, Jakarta - The Jakarta Composite Index (JCI) at the Indonesian Stock Exchange opened weaker by 6.98 points or 0.14 percent - down to 5,078.52 points as the lack of positive boost, both from externally and internally, drives some investors out of the market.

    The Top 45 (LQ45) Index also dropped by 1.75 points or 0.20 percent to 866.55 points.

    "Indonesia's economic figures for September and October seem to indicate an overall economic slowdown, which is preventing the JCI from going into an uptrend," said the Head of Research at Valbury Asia Securities, Alfiansyah in Jakarta on Tuesday.

    Alfiansyah said that Indonesia's trade deficit for September 2014 stood at US$270.3 million, while inflation rate for October was recorded at 0.47 percent - higher than September's inflation figure, which stood at 0.27 percent.

    Furthermore, market players are still waiting for the government to realise their commitment to cut fuel subsidies.

    Externally speaking, disappointing economic data from China - which indicated a drop in non-manufacturing output for October 2014 - adds to the negative sentiments which pushes the JCI into a downtrend.

    "The combination of aforementioned factors is expected to drive the JCI to drop further," said Alfiansyah.

    Meanwhile across Asia, Hong Kong's Hang Seng Index also dipped by 2.23 points or 0.01 percent to 23,913.74 points, South Korea's KOSPI similarly inched slightly lower by 1.44 points or 0.07 percent to 1,951.53 points, and Singapore's Straits Times completes the trifecta by dipping by 2.90 points or 0.09 percent to 3,287.94 points.