TheJakartaPost
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Economy in brief: JCI falls after two-day rally on profit taking
Share prices on the Indonesian Stock Exchange (IDX) halted a two-day rally on Wednesday as many investors began taking a profit
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hare prices on the Indonesian Stock Exchange (IDX) halted a two-day rally on Wednesday as many investors began taking a profit.
The exchange's Jakarta Composite Index (JCI) fell 0.49 percent to close the day at at 5,448.06 points in active trading.
Eighty percent of stocks traded on the IDX failed to make improvements during the closing session, with the miscellaneous industry sector recording the biggest fall, dropping by 1.42 percent, followed by trade and infrastructure with 1.06 percent and 0.92 percent, respectively.
According to BNI Asset Management fund manager Hanif Mantiq, the correction occurred amid fears the US Federal Reserve will increase its benchmark interest rate this year.
'As long as Indonesia's economic fundamentals remain strong, foreign capital will keep entering the domestic financial market,' Hanif said as quoted by Antara news agency.
In the regional market, Hong Kong's Hang Seng and Japan's Nikkei fell by 0.96 percent and 0.59 percent, respectively.
