TEMPO.CO, Jakarta - The Jakarta Composite Index (JCI) at the Indonesian Stock Exchange (IDX) went down by 23.94 points at the start of Tuesday's trading session - reflective of the trend observed across the global share market.
The JCI went down by 0.50 percent to commence trading at 4,747.34 points, while the Top 45 (LQ45) Index similarly weakened by 6.12 points or 0.76 percent to open at 802.39 points.
"The JCI is experiencing a downtrend, along with others across Asia, which is primarily driven by the downtrend observed in the Chinese and US share market, as well as across Europe," said the Head of Research for NH Korindo Securities Indonesia, Reza Priyambada, in Jakarta on Tuesday.
According to Reza, the JCI is negatively impacted by the projection of an impending economic slowdown in China, as well as the underperformance of publicly traded entities in the domestic Index. "These circumstances have driven market players to unload their holdings as a buffer against further losses," he said.
Meanwhile, an analyst for Mandiri Sekuritas, Fath Aliansyah Budiman, said that JCI's recent movement has finally saw it dip below the market's psychological threshold - previously set at 4,800 points.
"This might mean that the JCI may indeed enter a continued depreciation - in the longer run, the Index is expected to hover somewhere around the 4,600 points mark," said Budiman, who also predicted that the Index is expected to hover between the 4,700-4,850 mark - with an open chance of a further downtrend.
Meanwhile, across Asia, the Hang Seng Index slipped by 191.58 points or 0.79 percent to open at 24,160.38 points, the Nikkei similarly plunged by 235.64 points or 1.16 percent to commence trading at 20,113.46 points, while the Straits Times Index similarly dipped by 32.05 points or 0.97 percent to start trading at 3,281.83 points.