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Stock market falls below 5,000
The stock market tumbled below its psychological barrier of 5,000 to hover at around 4,858
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T
he stock market tumbled below its psychological barrier of 5,000 to hover at around 4,858.31 during midday trading on Tuesday, a level not witnessed since the second quarter of 2014.
The benchmark Jakarta Composite Index (JCI) fell by 3.12 percent at the afternoon session closing, led by a 4 percent drop in banking and property shares.
Among those who recorded the steepest declines were Bank Mandiri (4.61 percent), Bank Rakyat Indonesia (5.91 percent), Bank Negara Indonesia (4.98 percent), Astra International Indonesia (3.97 percent), Unilever (3.79 percent), Adhi Karya (8.08 percent) and Wijaya Karya (6.31).
"Investors were shaken by an improving US economy and a possible increase in the US Federal Reserve interest benchmark later this year. Also, some securities decided to trim their outlooks," said Andreas Yasakasih, Valbury Asia Asset Management investment director.
Earlier on Tuesday, Mandiri Sekuritas set its target for the stock index to 4,500 from 5,450. It was the second revision from its initial outlook of 6,000. (hhr)(+++)
