JAKARTA (Yosefardi) – Composite index of the Indonesia Stock Exchange (IDX) opened lower 1% at 5184 this morning, extending yesterday correction. Regional markets were also mostly in red zone on Tuesday.
Nymex’s crude oil fell 0.95% to US$56.45 per barrel in Asian trading this morning and gold declined 0.27% to US$1,200 per ounce.
Astra International fell 2%, Alam Sutera declined 2.34%, Bank Rakyat Indonesia lost 2%, Bank Mandiri dropped 4.2%, Bumi Serpong Damai shed 4.42%, Jababeka slashed 3.39%, and London Sumatra lost 2.1%.
Technical wise, many Indonesia’s stocks have made their significant gains in the past 6 months and are considered too expensive. Then the current correction is still healthy and some investors do the shifts on their portfolios.
Some companies have released their earning results for the first quarter of this year, which mostly lower than the expectation of market analysts. While some analysts and economists predict the national economy to grow by 5.1% to 5.2% in the first quarter of this year.