JAKARTA: Selling pressure toward blue chip shares corrected Jakarta Composite Index (JCI).
Rupiah exchange rate sink almost 2% throughout this year, almost like what happened in 2005. Despite the shorter trading day this week, due to public holiday, correction is also deeper.
JCI fell 3.25% in three days at 3,980.50 as for last week, the index only down by 2.43%. Analyst from PT MNC Securities Edwin Sebayang stated there were several hedge funds who withdrew their money in the past two weeks.
Based on Indonesia Stock Exchange data, there are 354,115 transactions this week with 12.08 billion shares volume worth IDR4.68 trillion. Net sales of foreign investors noted at IDR1.48 trillion. Total accumulated net sales in two weeks is IDR3.29 trillion.
According to Sebayang correction is commonly happens in May to July. “it is a response of regional indices movement and political turmoil in Europe,” he said yesterday, May 17. (T05/msw)
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