Jakarta Stock Exchange ends lower, rupiah flat<\/p>\n
Dow Jones, Jakarta<\/p>\n
Indonesian shares ended slightly lower Wednesday as further
\nprofit-taking in telecommunications blue chips pushed the main
\nindex lower, dealers said.<\/p>\n
Overall sentiment was cautious amid renewed concerns over
\nprotests by thousands of students from large universities in
\nJakarta, demanding that the government cancel recently-
\nimplemented tariff hikes.<\/p>\n
Local reports said the students burned pictures of President
\nMegawati Sukarnoputri during the demonstration at the
\npresidential palace.<\/p>\n
The Jakarta Stock Exchange Composite index ended down 0.4
\npercent, or 1.579 points, at 405.598.<\/p>\n
Decliners led gainers 53 to 34, with 65 stocks unchanged.<\/p>\n
Volume was 281 million shares valued at Rp 298 billion
\n(US$33.5 million).<\/p>\n
The government recently raised fuel prices between 3 percent
\nand 23 percent, telecommunications tariffs by an average 15
\npercent, and electricity tariffs by 6 percent.<\/p>\n
Bellwether Telekomunikasi Indonesia ended down 2 percent, or
\nRp 75, at Rp 3,625 on profit-taking after rising 2.8 percent
\nTuesday. Dealers also attributed the selling in Telkom to renewed
\nspeculation that the government will cancel the increase in
\ntelecommunications tariffs due to growing opposition to the move.<\/p>\n
Profit-taking also hit Indonesian Satellite, which fell 1.2
\npercent, or Rp 100, to Rp 8,400 after rising 3 percent Tuesday.<\/p>\n
Shares of retail companies succumbed to selling pressure on
\nexpectations the recent tariff and price hikes will hurt sales
\nthis year.<\/p>\n
Retailer Ramayana Lestari Sentosa lost 1.1 percent, or Rp 25,
\nto Rp 2,350 and Hero Supermarket was down 2.4 percent, or Rp 25,
\nat Rp 1,000.<\/p>\n
Car maker Astra International bucked the trend, rising 2.2
\npercent, or Rp 50, to Rp 2,375 on growing expectations the
\ncompany's performance will be better this year after it signed a
\n$850-million debt deal late last year.<\/p>\n
The rupiah ended flat for the second day in a row Wednesday as
\ndollar short covering erased all of the rupiah's earlier gains,
\ndealers said.<\/p>\n
The dollar closed unchanged at 8,875 rupiah after trading
\nbetween Rp 8,860 and Rp 8,880 earlier in the day.<\/p>\n
Dealers said that offshore banks sold the dollar in the
\nmorning session, but later bought the unit back on the dollar's
\nrise against several other regional currencies.<\/p>\n
Dealers said that the market is still unfazed by intensifying
\nprotests against the recent hikes in fuel prices and utility
\ncharges.<\/p>\n
"Intensifying protests for sure will make the market cautious,
\nbut the market won't panic as long as they are still under
\ncontrol," said a dealer with a foreign bank in Jakarta.<\/p>\n
Dealers expect the dollar to trade between Rp 8,860 and
\nRp 8,880 Thursday.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jakarta-stock-exchange-ends-lower-rupiah-flat-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}