Rupiah Ends Lower On Dlr Demand From Importers
\nJP\/14\/Market<\/p>\n
Rupiah Ends Lower On Dlr Demand From Importers<\/p>\n
Dow Jones\/Jakarta<\/p>\n
The Indonesian rupiah ended lower on Monday as dollar demand
\nfrom local importers dragged on the local unit, dealers said.<\/p>\n
The dollar closed at Rp 9,810, up from its close on Friday at
\nRp 9,775.<\/p>\n
Dealers said that state banks were the main dollar buyers,
\nlikely mainly on behalf of oil importer Pertamina.<\/p>\n
"State banks usually buy dollars on behalf of Pertamina," a
\ndealer said.<\/p>\n
Dealers said that the rupiah failed to benefit from news that
\nMalaysia's Khazanah will pay around $336 million for a 52 percent
\nstake in Indonesia's Lippo Bank, and Singapore's UOB will spend
\n$285 million to boost its stake in Indonesia's Bank Buana to 53
\npercent from 23 percent.<\/p>\n
Still, dealers said that the payment of the transactions could
\neventually help the rupiah.<\/p>\n
Dealers expect the dollar to trade between Rp 9,790 and Rp
\n9,840 on Tuesday.<\/p>\n
Indonesian shares ended lower on Monday led by selling in
\nbellwether Telekomunikasi Indonesia as the fresh weakness of the
\nrupiah and concerns over a suspected bird-flu outbreak kept
\noverall sentiment weak.<\/p>\n
"The market also ran out of fresh leads," said a trader with a
\nlocal securities firm.<\/p>\n
Bird flu has been suspected in the deaths of three people in
\nIndonesia, and President Susilo Bambang Yudhoyono promised on
\nMonday that there would be no "cover up" in the country's battle
\nagainst the disease.<\/p>\n
The Jakarta Stock Exchange's Composite Index fell 3.201
\npoints, or 0.3 percent, to 1128.440.<\/p>\n
Decliners led gainers 58 to 54, with 70 stocks unchanged.
\nVolume was 1.55 billion shares valued at Rp 957 billion, compared
\nwith 2.5 billion shares valued at Rp 1.4 trillion, c Friday.<\/p>\n
The dollar was trading higher at Rp 9,810, compared with
\nFriday's close of Rp 9,775 on rising dollar demand from local
\ncompanies to repay their foreign debt.<\/p>\n
Telkom fell 1.9 percent to Rp 5,150 after the company on
\nFriday finished registering shareholders eligible for its Rp 144
\na share dividend.<\/p>\n
Gas and oil producer Medco Energi lost 8.1 percent to Rp 3,400
\non profit-taking and renewed fears that the company would sell a
\n49 percent stake in a global depositary receipt issue on the
\nLuxembourg bourse at current prices.<\/p>\n
Also lower were Bank Rakyat, which fell 2.5 percent to
\nRp 2,950, and Bank Mandiri, which dropped 0.7 percent to
\nRp 1,490, on lingering concerns over high interest rates which
\ncould hurt the banks' net interest margins.<\/p>\n
Automotive company Astra International bucked the trend,
\nrising 0.8 percent to Rp 12,300 on a rebound after sharp falls
\nlast week.<\/p>\n
Dealers said they expect Indonesian shares to trade slightly
\nhigher on Tuesday on a rebound in telecommunication blue chips.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/rupiah-ends-lower-on-dlr-demand-from-importers-1447893297",
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