JCI Closes in the Red as Greece Nears Default, Again

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  • TEMPO.CO, Jakarta - The Jakarta Composite Index (JCI) at the Indonesian Stock Exchange (IDX) slid by 40.42 points at the end of Monday, June 29, 2015, trading session - driven by negative sentiments arising from uncertainties surrounding Greece's sovereign debt crisis.

    The JCI slipped by 0,82 percent to conclude trading at 4,882.57 points, while the Top 45 (LQ45) Index similarly went down by 7.51 points or 0.89 percent to close at 834.85 points.

    "The sovereign debt crisis in Greece is casting a shadow over the global share market - which negatively impacts the IDX. The lack of positive boost is driving investors to unload their holdings as a buffer against further losses," said the Head of Research for Universal Broker Indonesia, Satrio Utomo in Jakarta on Monday, June 29, 2015.

    According to Satrio, the JCI will continue to experience negative corrections on Tuesday, June 30, 2015, should positive sentiments from the domestic sphere continue to be unable to balance out the negative sentiments from the external domain.

    "The condition in Greece continue to impact the market, and it will not only last for a day - some degree of certainty could only be reached when a decisive outcome is reached, such as, a certain default," said Satrio.

    Satrio hopes that Indonesia's economic performance figures, which is due to be released on July 1, 2015, will be positive, which will help the Index return into the green zone.

    An analyst for HD Capital, Yuganur Wijanarko, said that techically speaking, the downtrend caused by the sentiments from Greece has persisted from long enough, that investors could begin to selectively accumulate shares, as prices have dipped quite significantly. "Investors should look into blue chip shares, as well as second-tier shares," Yuganur said.

    IDX records show that there were 189,004 transactions wherein 2.66 billion shares worth Rp 2.77 trillion were traded. The shares of 53 companies went up, while the shares of 223 companies experienced negative connections, and 89 shares remained stagnant.

    Meanwhile across Asia, the Hang Seng Index slipped by 696.89 points or 2.61 percent to conclude trading at 25,966.98 points, the Nikkei plunged by 596.89 points or 2.88 percent to end trading at 20,109.95 points, while the Straits Times Index similarly slipped by 37.40 points or 1.11 percent to close at 3,238.74 points.