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Jakarta Post

Bleak economic outlook casts shadow over Indonesian stock market

  • Riska Rahman

    The Jakarta Post

PREMIUM
Jakarta   /   Wed, October 9, 2019   /  03:40 pm
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Traders work after the opening bell at the New York Stock Exchange (NYSE) on Tuesday in New York City, United States. Indonesian stocks have continued to fall this week amid growing fears of a global recession(AFP/Johannes Eisele)

Growing concern about a possible global recession continues to cast a shadow over the Indonesian stock market with most blue-chip stocks under persistent pressure in the past two weeks amid a lack of appetite among both local and foreign investors. The Jakarta Composite Index (JCI), the main gauge of the Indonesia Stock Exchange (IDX), has been in the red for the past 13 days. The index fell 3.5 percent to 6,023 at the close of afternoon trading on Wednesday from 6,230 on Sept. 26. The index has fallen by 2.76 percent year-to-date (ytd). Like in other stock markets, the majority of Indonesian stocks lost ground as weak economic data in Europe and other developed countries fueled fears of a global recession, analysts said. MNC Sekuritas’ head of research Thendra Chrisnanda said on Tuesday that growing concerns over the global economy and the lack of reco...