JAKARTA (Yosefardi) – Composite index of the Indonesia Stock Exchange (IDX) dropped 1.48% to close at 4958 Wednesday (October 8) as investors opted to sell off local stocks on concern over the local political risks.
More political uncertainties go forward following election of new leadership of MPR, won by the opposition group (Red-and-White coalition).
The elected MPR speaker Zulkifli Hasan, minister of forestry in the period of 2009-2014, also adds concerns over the future of Corruption Eradication Commission (KPK) because Zulkifli has had his own brush with KPK related to allegations of graft.
Asian stocks also ended mostly lower on Wednesday following a global rout.
Nymex’s crude oil fell 1.07% to US$87.90 per barrel while gold rose 0.53% to US$1,218.80 per ounce. The rupiah weakened to Rp12,241 against the US dollar.
At Jakarta bourse, Bank Rakyat Indonesia lost 3.58%, Bank Negara Indonesia fell 3.2%, and Bank Mandiri shed 2.56%.
BW Plantation dropped 6.41%, Bumi Serpong Damai lost 2.36%, Lippo Karawaci slashed 2.66%, and Telkom declined 2.1%.
Other losers were Adhi Karya (-3.04%), Wijaya Karya (-2.15%), Global Mediacom (-2.39%), and Multipolar (-4%).
While Adaro Energy gained 1.32%, Sentul City rose 3.3%, and Energy Mega increased 2%.