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JCI drops on Friday morning
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The Jakarta Composite Index (JCI) opened in the red on Friday morning as the majority of regional stock markets weakened.
The JCI dropped by 10.64 points, or 0.24 percent, to 4,422.46. While the index of the 45 most liquid shares, known as LQ45, slipped by 2.39 points (0.36 percent) to 750.44.
'The weakening of Asian stock markets has affected the JCI. This downward trend has encouraged investors to sell shares,' NH Korindo Securities Indonesia head of research Reza Priyambada told Antara news agency.
On Friday morning, Japan's Nikkei Index was down by 148.04 points (0.81 percent) to 18,034.35 and Singapore's Straits Times Index also weakened by 22.85 points (0.77 percent) to 2,884.34. Meanwhile, Hong Kong's Hang Seng Index strengthened by 55.74 points (0.27 percent) to 20,990.68.
The lack of positive sentiment from the local economy had also worsened the condition, Reza added.
Reza also said that the investors tended to carry out short-term transactions amid uncertainties about the US interest rate hike plan.
Universal Broker Indonesia head of research Satrio Utomo added that the market had also been affected by the news that Indonesia's first bullet train, connecting Jakarta to Bandung, was delayed.
'Even though the government's decision [to delay the project] is good for controlling the state budget, we must monitor the impact of such a decision on the movement of shares in the infrastructure sector,' Satrio said. (ika)(++++)
