JAKARTA (Yosefardi) – Investors in Jakarta bourse continue selling stocks on panic mood as the rupiah weakened further to Rp10,700 against the US Dollar.
Foreign investors continue sold out their portfolios both in stocks and rupiah-based instruments. A source told Yosefardi News that some investors might have redeemed their funds from mutual funds.
Investors are concerning over some issues including current account deficit given higher import and export decline and high inflation.
At 2.42 pm Jakarta time, the composite index of the Indonesia Stock Exchange (IDX) dropped further by 5.69% to 4,068. Other regional markets also fell by below 3%.
Visi Media, unit of Bakrie Group, plummmeted 24.76%, the most acively traded stocks with 66 million shares exchanged hands. Bumi Resources Minerals, another Bakrie Group’s stock, also dropped 28.48%. While Bumi Resources cut loss to 9.2%.
Among property stocks, Lippo Karawaci shed 13.93%, Bumi Serpong Damai lost 9.33%, and Alam Sutera fell 7%. While banking stocks also slided, Bank Rakyat Indonesia (-7.69%), Bank Negara Indonesia (-6.45%), and Bank Mandiri (-5.23%).
Borneo Lumbung dropped 18.37%, Media Nusantara Citra shed 13%, and Global Mediacom lost 13.13%.