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Jakarta Post

JCX drops 3.29% over panic selling

  • News Desk

    The Jakarta Post

Jakarta   /   Mon, August 13, 2018   /   02:22 pm
JCX drops 3.29% over panic selling A trading floor of the Indonesia Stock Exchange (IDX). (JP/Wienda Parwitasari)

The Jakarta Composite Index (JCX) fell 3.29 percent to close on Monday at 5,877.04 as a result of panic selling over the collapse of Turkey's currency.

As many as 369 shares weakened, 32 shares strengthened and 70 stayed flat.

Many foreign investors withdrew their funds making the net sell in the regular market reach Rp 505 billion.

Shares in the financial sector dropped 4.08 percent, while shares in the six other sectors – basic industry, diversified industry, mining, manufacture, infrastructure and agriculture -- dropped more than 3 percent.   

Traded stocks reached 4.89 million shares with total transactions reaching Rp 4.1 trillion.

All LQ45 shares dropped, but the three worse shares are owned by Media Nusantara Citra (MNCN), which dropped 7.07 percent to become Rp 920 per share, PT Bank Mandiri (6.8 percent) to Rp 6.850 per share and PT Bank Negara Indonesia (6.58 percent) to 7.450 per share.

Securities firm PT Profindo Sekuritas Indonesia analyst Yuliana said the drop was caused by panic selling as a result of the collapse of Turkey’s currency, the lira, which affected other emerging markets as well as the worsening current account deficit (CAD), which swelled to 3 percent.

 “I think it is a buying time because the crisis in Turkey will not further significantly affect the Indonesian economy,” Yuliana said as quoted by kontan.co.id.

He estimated Bank Indonesia’s board of governors would increase the BR reference rate in their meeting on Tuesday and Wednesday. (bbn)