JSX composite index hits one-year low<\/p>\n
JAKARTA (JP): The Jakarta Stock Exchange (JSX) Composite Index
\ndove on Monday to close at its lowest level since April, last
\nyear due to reports of bombings in Medan.<\/p>\n
Securities analysts said that major foreign and local
\ninvestors dumped their stocks on fears that the bombings of a
\nchurch and restaurant in the provincial capital of North Sumatra
\non Sunday and Monday would trigger more chaos.<\/p>\n
The Composite Index closed at 461.39, losing 20.69 or 4.3
\npercent from 482.07 last Friday. Losers beat gainers 134 to nine
\nwith 45 stocks being unchanged.<\/p>\n
However trading volume was rather thin where 273 million
\nshares were changing hands, valued at some Rp 350 billion.<\/p>\n
Juni Hendry of Exim Securities said stocks across the board
\nwere dumped by investors as they lost faith in what was going to
\nhappen to the local market.<\/p>\n
"There are great market disappointments to what has developed
\nrecently in the domestic political and security conditions," he
\nsaid.<\/p>\n
Mirroring the JSX, the rupiah ended weaker on the same fear of
\nsecurity instability, which had caused many offshore participants
\nto buy dollars.<\/p>\n
After reaching its intraday low of Rp 8,667 per dollar, the
\nlocal currency closed down at Rp 8,570 on Monday as compared to
\nRp 8,495 last Friday.<\/p>\n
"We have a real bad outlook for the rupiah as there is steady
\ndemand for the dollar and an unstable domestic condition," a
\ncurrency dealer at Bank Bali said.<\/p>\n
Efforts to undermine the current government would get even
\nstronger as time moves closer to President Abdurrahman Wahid's
\naccountability speech before the People's Consultative Assembly,
\nslanted for August, according to the dealer.(udi)<\/p>",
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