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Correction pares down JCI's gain at opening
First session correction: A man passes by trading panels at Indonesia Stock Exchange in Jakarta
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First session correction: A man passes by trading panels at Indonesia Stock Exchange in Jakarta. (Illustration: Thejakartapost.com/Wienda Parwitasari) (Illustration: Thejakartapost.com/Wienda Parwitasari)
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span class="inline inline-center">First session correction: A man passes by trading panels at Indonesia Stock Exchange in Jakarta. (Illustration: Thejakartapost.com/Wienda Parwitasari)
The Jakarta Composite Index (JCI) had strengthened 5.1 percent at Friday's opening to 4,471.36 only to face a correction that turned the index down 0.9 percent, or 40 points, to 4,452.88 as of 11 a.m.
There were 165 stocks that declined, 65 that rose and 52 that remained unchanged. The transaction value reached Rp 2.9 trillion (US$207 million) with a trading volume of 1.3 billion shares.
Nine of 10 sectoral indexes were in the red zone, led by the consumer sector index that dropped 0.89 percent. The only sectoral index to make gains was the agriculture sector index, which rose 0.52 percent.
Analyst at Minna Padi Investama Christian Saortua said that local investors seemed to be going along with foreign investors, who had chosen to take a 'wait and see' stance ahead of the federal open meeting committee (FOMC).
"As foreign investors decided to sell more of their portfolio, the market in general was clouded with negative sentiment. The rupiah depreciating to the 14,000 [to the US dollar] level also pushes the JCI down on Friday," he said as quoted by Kontan in Jakarta.
Foreign net sales in the regular market reportedly reached Rp 46.7 billion.
Christian predicted the stock market benchmark would face correction on the last trading day of the week, with a support level of 4,420 and a resistance level of 4,500.
In Asian markets, the MSCI Asia Pacific Index remained largely unchanged at 129.7. New Zealand's S&P/NZX 50 index strengthened 0.5 percent, while the South Korean Kospi Index was up by 0.3 percent. (ags)
