Gloomy days to continue

Gloomy days to continue

JAKARTA (JP): The bearish trading at the Jakarta Stock
Exchange (JSX) would continue until next year, JSX president
Cyrill Noerhadi said yesterday.

Cyrill said the daily transaction value, which dropped by
about 40 percent to about Rp 300 billion (US$84.50 million) since
August from Rp 500 billion in July, would continue to drop next
year due to the currency crisis.

Speaking to journalists following the JSX's extraordinary
shareholders' meeting, Cyrill said that the JSX management had to
wait until Nov. 4 before it would be known whether the JSX office
would be relocated or not from the Sudirman Central Business
District (SCBD) in South Jakarta

"The choices are to stay in the current building with a higher
rental cost or move out and build another new office building,"
Cyrill said.

He said that the JSX management had allocated around Rp 10.9
billion to pay for its office space in the JSX building.

"The rupiah depreciation has caused problems for the JSX
management since the company has had to pay for the office space
in U.S. dollars," he said. (aly)