REPUBLIKA.CO.ID, JAKARTA -- The Jakarta Composite Index (JCI) was 3.9 percent weaker in a week in the period of Sept 21 to 25 on market players still selling shares.
The index of the Indonesian Stock Exchange closed at 4,209.439 points on Friday as against 4,380.32 points a week earlier.
"The market players are still selling shares especially bank and consumers shares in the fourth week of September," chief researcher of NH Korindo Securities Indonesia Reza Priyambada said on Sunday.
Reza said the market players are still worried over rupiah performance falling against dollar that could result in larger non performing credits of banks.
"The statement by the Financial Service Authority (OJK) that the country's banking industry could stand well despite the falling value of rupiah, was apparently not convincing enough to curb the rupiah downtrend," he said.
The market players are also worried about the performance of companies in the consumer sector that the rising value of dollar would add to the production cost.
Rupiah traded at the level of 14,675 per dollar in inter bank transaction on Friday afternoon gaining slightly by 5 points.
The condition of the regional markets is also not favorable putting greater pressure on the domestic market, prompting investors to walk away from the market, Reza said.
He predicted that JCI would fall lower on Monday to around 4,160-4,243 points.
The index should rebound after the prices of a number of shares have hit the rock bottom, but rupiah volatility has kept the condition uncertain for the JCI, he said.
BEI corporate secreatry Irmawati Amran said despite the falling JCI , the value of daily transactions at the BEI rose 7.87 percent during that period.
"In the period of 21-25 September 2015 the daily transactions averaged Rp4.58 trillion, up from Rp4.24 trillion in the previous week.
Ikuti Whatsapp Channel Republika