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Jakarta Post

Sell-off hits stock market

  • Riska Rahman

    The Jakarta Post

Jakarta   /   Wed, May 15 2019   /  12:20 am

The selling spree continued on the Indonesia Stock Exchange on Tuesday as big investors pulled out from the market amid fears that the escalation of the trade war between the United States and China would further harm the world economy.The Jakarta Composite Index (JCI) plunged 1.2 percent in morning trade as the withdrawal of foreign funds in regional markets also hit the local exchange. Despite a number of blue chip shares gaining in the afternoon session, the index lost 1.05 percent during the day to close at 6,071.20.The rupiah was also under pressure amid the selling spree on the stock market. The Indonesian currency further weakened to 14,430 per US dollar.Based on Bank Indonesia’s Jakarta Interbank Spot Dollar Rate (JISDOR) reference rate, the rupiah fell to 14,444 per US dollar from 14,362 per US dollar the previous day.Analysts said that in addition to the negative sentiment re...