Jakarta composite index shrinks to below psychological level

Unfavorable political situation still have negative psychological effects on the domestic market, an analyst said.
Jakarta (ANTARA News) - The Jakarta composite index (JCI) extended loss diving to below the psychological evel of 5,000 points on Friday after long hovering above that level.

The index of the Indonesian Stock Exchange (BEI) closed 51.46 points or 1.03 percent lower at the level of 4,949.34 points.

The index of 45 most liquid stocks followed to close 1.06 percent lower at 833.91 points.

"Foreign investors are still selling shares with negative sentiments on the domestic market," Woori Korindo Securities analyst Reza Priyambada said.

Trade on Friday was marked with foreign net sell of Rp868.784 billion.

Unfavorable political situation still have negative psychological effects on the domestic market, Reza said.

"Hopefully the impact was short lived and the JCI would return to a positive area," he said, adding "the situation in the country is reflected by the market developments."

There were 200,l415 transactions recorded on Friday with 3.74 billion shares worth Rp4.99 trillion changing hands.

Decliners fast outnumbered gainers by 242 to 92 shares with 63 shares remaining flat.

Regional markets such as Hang Seng, Nikkei and Straits Times recorded an increase in index. (*)

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