ID :
31602
Fri, 11/21/2008 - 23:58
Auther :
Shortlink :
http://m.oananews.org//node/31602
The shortlink copeid
JAKARTA COMPOSITE INDEX CORRECTED AGAIN ON FRIDAY
Jakarta, Nov 21 (ANTARA) - Share market players at the Indonesian Stock Exchange (BEI) have been continuously haunted by the current financial crisis and, as a consequence, the bourse's composite index was on a downward slide during the whole past week.
On Friday, the index was down by 8.694 points or 0.75 percent to 1,146.276, meaning it was corrected for the fifth time in the past week.
The fall of the index was caused by continuing dominance of losing shares reaching 75 stocks, compared to 58 stocks that gained while 45 stocks remained stagnant and 278 others that were untraded.
Among the top shares that suffered a loss and had led the downturn of the index were Bank BRI that dropped Rp75 to Rp2,525, Telkom which were down Rp250 to Rp5,500, Bank BCA off Rp125 to Rp2.575 and Bank Mandiri slashed Rp10 to Rp1,330.
The director of PT Asai Kapitalindo Sekuritas, Harry Kurniawan, said Friday that the continuing pressures on the share market came from the global crisis that had already started to affect the country's economy.
"The share and money markets have been affected and industries are expecting the government's measures to overcome the crisis," he said.
He said among the steps the government could take were an immediate reduction of interest rates and provision of tax incentives to make the real sector move again.
If the real sector could be moved, the economy could continue to grow and the share market would revive.
Harry said the share market had also been pressured by the rupiah's depreciation by around 30 percent to around Rp12,000 against the US dollar from Rp9,500 before.
"Because of the rupiah's depreciation a number of businessmen were forced to cancel their participation in tenders or to delay projects," he said.
He said he feared the situation could cut companies' earnings and compel them to resort to lay-offs. "This is what the government has to see and why it has to immediately issue a policy that can ease their fear," he said.
On Friday, the index was down by 8.694 points or 0.75 percent to 1,146.276, meaning it was corrected for the fifth time in the past week.
The fall of the index was caused by continuing dominance of losing shares reaching 75 stocks, compared to 58 stocks that gained while 45 stocks remained stagnant and 278 others that were untraded.
Among the top shares that suffered a loss and had led the downturn of the index were Bank BRI that dropped Rp75 to Rp2,525, Telkom which were down Rp250 to Rp5,500, Bank BCA off Rp125 to Rp2.575 and Bank Mandiri slashed Rp10 to Rp1,330.
The director of PT Asai Kapitalindo Sekuritas, Harry Kurniawan, said Friday that the continuing pressures on the share market came from the global crisis that had already started to affect the country's economy.
"The share and money markets have been affected and industries are expecting the government's measures to overcome the crisis," he said.
He said among the steps the government could take were an immediate reduction of interest rates and provision of tax incentives to make the real sector move again.
If the real sector could be moved, the economy could continue to grow and the share market would revive.
Harry said the share market had also been pressured by the rupiah's depreciation by around 30 percent to around Rp12,000 against the US dollar from Rp9,500 before.
"Because of the rupiah's depreciation a number of businessmen were forced to cancel their participation in tenders or to delay projects," he said.
He said he feared the situation could cut companies' earnings and compel them to resort to lay-offs. "This is what the government has to see and why it has to immediately issue a policy that can ease their fear," he said.
