REPUBLIKA.CO.ID, JAKARTA - The Jakarta composite index closed lower 38.40 points on Tuesday on minimum domestic sentiment with the market players choosing to wait and see ahead of the formation the cabinet of the president-elect Joko Widodo.

The index of the Indonesian Stock Exchange (BEI) fell 0.74 percent to 5,146.55 points with index of 45 most liquid stocks down 0.86 percent to 876.23 points.

HD Capital's analyst Yuganur Wijanarko said the BEI index weakened on the absence of domestic sentiment that thye market players chose to wait and see.

"The market players are watching the cabinet lineup to be formed by president elect Joko Widodo for the next five years. The description of the cabinet lineup would a positive catalyst," he said.

He predicted the JCI would hover around 5,110-5,185 points on Wednesday. There were 215,743 transaction in Tuesday's trade with 4.12 billion shares valued at 4.68 trillion IDR changing hands.

Gainers were outnumbered by decliners by 100 to 226 shares with 87 shares flat.

Regional markets such as Hang Seng, Nikkei and Straits Times recorded a decline index.

Meanwhile the rupiah value rose against the US dollar closing at the level of 11,681 per USD from 11,707 per USD earlier.

Chief researcher of Monex Investindo Futures Ariston Tjendra said external factor caused the rupiah gain. The meeting between Russian and Ukraine presidents strengthen the currencies of emerging markets including rupiah. 

In addition, the US dollar weakened on sales of new houses in that country fell short of expectation. Bank Indonesia middle rates on Tuesday showed that rupiah weakened to 11,715 per US dollar from the earlier level of 11,714 per dollar. 

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