TEMPO.CO, Jakarta - The Jakarta Composite Index (JCI) at the Indonesian Stock Exchange (IDX) dropped once more by 4.10 percent at the end of Wednesday's trading session. The losses were driven by Indonesia's economic growth figures, which remain below market expectations.
The JCI closed down by 4.10 points, or 0.08 percent to close at 5,066.83 points, while the Top 45 (LQ45) Index slid by 0.23 points or 0.03 percent to close at 864.05 points.
"The IDX is on a slight downtrend, following Indonesia's economic growth figure for the third quarter of 2014, which stood at 5.01 percent, slightly below what experts had predicted," said an analyst for Asjaya Indosurya Securities, William Suryawijaya, in Jakarta on Wednesday.
William said analysts had projected a 5.1 percent economic growth rate for Indonesia in the third quarter of 2014.
Furthermore, the majority of Asian markets are also experiencing some degree of negative correction, which puts pressure on the IDX after gaining some grounds in Wednesday's morning trading session.
That said, according to William, there are still some room for the IDX to gain some grounds as Bank Indonesia is set to announce its core interest rates next week.
"Market players are consolidating their positions while they're waiting for the government to confirm the planned fuel subsidy cuts," said William.
The IDX recorded a total of 186,786 transactions throughout Wednesday's trading session, in which 3.83 billion shares were traded with a total capitalization of Rp3.51 trillion. The shares of 128 companies went up, while 179 experienced some degree of losses, and 93 remained unchanged.
Meanwhile across Asia, the Hang Seng Index slid by 150.04 points or 0.63 percent to 23,695.62 points, while the Nikkei rose by 74.85 points or 0.44 percent to 16,937.32 points, and Singapore's Straits Times Index climbed 6.12 points or 0.19 percent to 3,287.69 points.