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View all search resultsJCI drops almost 1% at opening
(Courtesy of tempo
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(Courtesy of tempo.co.id) (Courtesy of tempo.co.id)
(Courtesy of tempo.co.id)
Stock traders in Indonesia started the day anxiously following a shock from new Chinese manufacturing data. The Jakarta Composite Index (JCI) eroded 0.98 percent to 4,301.58 at Wednesday opening, continuing from the 32.03 point drop it suffered yesterday.
Also, all ten sectoral indices are in the red zone. The sectors that led the decline were: the financial sector, which fell 1.4 percent; the miscellaneous industry sectors, which were down 1.3 percent; and the manufacturing sector, down 1.1 percent.
The JCI moved into negative territory along with regional markets ' the decline in Asian stocks demonstrating some concern that the economic slowdown in China is getting worse.
"Investors' psychology shifted from being very resilient in recent days to becoming fragile," chief portfolio strategist at Wells Fargo Advantage Funds Brian Jacobsen said to Bloomberg, as quoted by kontan.co.id.
The preliminary Purchasing Managers' Index from Caixin Media and Markit Economics was at 47.0 for September, missing the median estimate of 47.5 set by a Bloomberg survey and below the previous month's final reading of 47.3.
It is the lowest level in more than six years for the index, showing that the manufacturing sector in the biggest economy in Asia is contracting. Readings have remained below 50 since March, indicating contraction.
According to Bloomberg data, as of 8:01 pm Hong Kong time, the MSCI index of the Asia Pacific fell 0.4 percent to 402. The commodities and raw materials sector led the decline.
Australia's S&P/ASX 200 fell 0.5 percent, South Korea's Kospi index dropped 1.1 percent and New Zealand's S&P/NZX 50 retreated 0.1 percent. The Japanese market is still closed due to national holiday.
In Jakarta, stocks that were the biggest losers included PT Kedaung Setia Industrial Tbk (KDSI), which fell 9.3 percent; PT Inti Agri Resources Tbk (IIKP), which was down 8.39 percent; and PT Bank Windu Kentjana International Tbk, which lost 7.33 percent. (ags/bbn)(++++)
