The Indonesia Stock Exchange. (thejakartapost.com/Wienda Parwitasari)

The Jakarta Composite Index (JCI) opened in a state of fluctuation ahead of the US Federal Open Meeting Committee (FOMC). Weakened by 0.05 percent, 2.3 points, to 4,371.09 at opening, the JCI swung in the opposite direction by gaining 0.07 percent to 4.377.14 as of 10.30 a.m.

Meanwhile, the rupiah strengthened a bit, by 0.47 percent, to Rp 14,056 per US dollar at opening. The oil price drop had squeezed commodities prices and likely affected Indonesia's trade and economy.

A researcher and analyst at Bank BNI'€™s treasury division, Trian Fathria, said that there were three factors that hampered the rupiah. First, the market anticipation against the FOMC meeting, which was predicted to raise its Fed Fund Rate and drive dollar to appreciate against rupiah.

"Secondly, the downward pressure from falling oil prices that will affect Indonesia as a commodities-dependent country. Lastly, yuan depreciation, which began in early December," Trian said as quoted by Kontan.co.id on Tuesday.

In the stock market on Monday morning, however, the mining sector led a gain among 10 sectoral indexes with a 0.6 percent increase. On the opposite end, the property and construction sectoral index dropped 0.3 percent.

There were 81 stocks that rose at Tuesday's opening, 44 stocks that declined and 55 stocks that remained unchanged. Foreign investors recorded a net sell worth Rp 23.7 billion (US$1.7 million) from a total transaction of Rp 351 billion.

Elsewhere in Asia, the stock markets were fluctuating at Tuesday's opening.

The MSCI Asia Pacific Index lost 0.2 percent at the 9 a.m. opening (Tokyo time) to 127.85, but South Korea'€™s Kospi Index rose 0.4 percent, along with Australia'€™s S&P/ASX 200 Index, which increased 0.2 percent. (ags)(+)

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