JAKARTA (Yosefardi) – Composite index of the Indonesia Stock Exchange (IDX) dropped further 1.26% to close 4937 at morning session, reversing its earlier gains.

The market players were sceptic with the political changes following the new Perppu issued by the President SBY, basically to revoke election of regional leaders by regional House of Representatives (DPRD).

Some have praised SBY’s move but there are also critics as the two Perppus were vulnerable to political rejection.

People, however, have to remain cautious because the so-called Red0and-White Coalition led by Prabowo Subianto (Gerindra), Aburizal Bakrie (Golkar), and Hatta Rajasa (PAN) will continue to challenge both Perpus.

Astra International retreated and Bank Negara Indonesia 1.89% and 2.88% respectively. Other losers were Adaro Energy (-2.23%), Bank Central Asia (-2.22%), Bank Rakyat Indonesia (-2.66%), and Bank Mandiri (-2.53%).

Bumi Serpong Damai fell 3%, BW Plantation lost 3.33%, Lippo Karawaci shed 2.72%, London Sumatra slashed 2.15%, and Timah dropped 2.37%.

Adhi Karya also lost 3.9%, Waskita Karya lost 5.29%, Wijaya Karya shed 4.41%, Multipolar lost 6.73%, and Bumi Resources Minerals declined 3.64%.