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JCI drops in morning trading

As the rupiah continues to weaken against the US dollar, the Jakarta Composite Index (JCI) also found itself in the red zone during morning trading on Tuesday, dropping 124.75 points, or 2.12 percent, to 5,760.34.

News Desk (The Jakarta Post)

Jakarta

Tue, May 8, 2018 Published on May. 8, 2018 Published on 2018-05-08T13:24:33+07:00

The trading floor of the Indonesia Stock Exchange (IDX) in this file photo shows a decline on the Jakarta Composite Index (JCI) monitor. (thejakartapost.com/Wienda Parwitasari)

F

ollowing the weakening rupiah exchange rate, the Jakarta Composite Index (JCI) found itself in the red zone during morning trading on Tuesday, dropping 124.75 points, or 2.12 percent, to 5,760.34.

All sectors saw a decline in morning trading, kontan.co.id reported, with the infrastructure sector recording the deepest decline at 4.19 percent, while consumer goods dropped 3.14 percent.

Up to 270 stocks had dropped by Tuesday noon, while 70 stocks strengthened and 98 stocks remained stagnant.

The rupiah continues to depreciate, with the exchange rate opening on Tuesday at Rp 14,004 per US dollar and dropping further to Rp 14,043 to the dollar by the afternoon.

Coordinating Economy Minister Darmin Nasution said that although the currency had breached the psychological level of Rp 14,000 to the US dollar, he called for calm, saying that the exchange rate would “not stay at this figure for long”.