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Jakarta Post

JCI down as rupiah drops past 13,800

(Illustration: Kompas

The Jakarta Post
Jakarta
Fri, November 27, 2015

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JCI down as rupiah drops past 13,800 (Illustration: Kompas.com) (Illustration: Kompas.com)

(Illustration: Kompas.com)

The Jakarta Composite Index (JCI) was down by 36.49 points or 0.79 percent to 4,560.56 at Friday'€™s closing, following the rupiah'€™s depreciation. The index of the 45 most liquid stocks (LQ45) dropped 8.13 points (1.02 percent) to 787.03.

Reliance Securities'€™ Head of Research Lanjar Nafi said the JCI had swung back to the negative area after the rupiah weakened past the important psychological threshold of 13,800 per US dollar.

"The depreciation of the Indonesian currency has decreased foreign investors' enthusiasm to buy," he said as quoted by Antara news agency in Jakarta on Friday.

At the closing session, foreign investors booked a total Rp 229.84 billion (US$ 16.69 million) in net buys, a significant drop compared to the Rp 349.48 billion net buy on Thursday.  

Technically, Lanjar said, the Indonesian stock market benchmark dropped to its oversold area, as the higher selling pressure had swayed the market in the last few days of November.

He further said that regional equities, which closed in the negative area, had prompted investors to sell more stocks. The Indonesia Stock Exchange (IDX) recorded 172,275 transactions with a volume of 5.97 billion shares worth Rp 4.68 trillion.

In regional markets, the Hang Seng Index dropped 1.87 percent, the Nikkei Index was down by 0.3 percent and the Straits Times Index weakened by 0.89 percent. (ags)

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