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Jakarta Post

Stocks, rupiah remain under heavy selling pressure

  • Aditya Suharmoko

    The Jakarta Post

Jakarta   /   Fri, May 7 2010   /  09:51 am

Selling pressure continued on the Indonesian Stock Exchange (IDX) on Thursday as investors sold their stocks amid fears that the Greek debt crisis will affect the recovery of the world economy.The Jakarta Composite Index plunged almost 3 percent, much higher than the fall in regional stock markets, after the opening of the afternoon season. Local investors are worried that the replacement of Finance Minister Sri Mulyani Indrawati, who
will leave her office in June, would not be capable in the job, analysts said.The selling pressure, however, eased before the closing, as shares in European markets began gaining ground. The JCI index closed 1.25 percent lower at 2,810.62.The rupiah also continued its decline Thursday and the yield of the benchmark 10-year government bond jumped the most in a year mostly due to the negative sentiment after Sri Mulyani’s move to the World Bank.The rupi...