The Jakarta Composite Index (JCI) declined by 88.93 points, or 2.11 percent, to 4,120.5 as foreign investors sold stocks worth Rp 266.88 billion (US$18.1 million). The LQ45 index dropped 19.06 points, or 2.72 percent, to 680.3.

Head of research at Universal Broker Indonesia Satrio Utomo said the foreign investors'€™ net sales pushed down the equities market on Monday, amid a lack of positive sentiment in domestic and global markets.

"Without [a change in] sentiments, foreign investors recorded a net sell. Given that fact, there is a chance that the JCI will depreciate more," he said as quoted by Antara news agency.

The Indonesian Stock Exchange (IDX) recorded 218,990 transactions on Monday, with 2.95 billion shares traded worth Rp 2.82 trillion.

There were 75 stocks that rose and 224 that declined, with the remaining 67 stagnant.

Japan'€™s Nikkei added 308.68 points (1.76 percent) to close at 17,880.51, and Singapore'€™s Straits Times Index dropped 8.83 points (0.31 percent) to 2,836.91.

An analyst at Asjaya Indosurya Securities William Surya Wijaya argued that after the net sell by foreigners on Monday, the JCI had more room for an increase on Tuesday. "Technically speaking, the upper band for the JCI'€™s closing target is at 4,269, while the lower band is at 4,111.'€ (ags)

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