JCI Halts 3-Day Rise on Europe Fears
Francezka Nangoy | February 03, 2012
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Indonesia’s benchmark stock index edged lower in the last hour of trading on Friday, halting three days of gains, amid persistent concern over euro zone debt.
The Jakarta Composite Index lost one point, or 0.02 percent, to close at 4,015.95, ending a 2.6 percent advance over the previous three days. It gained 0.7 percent for the week.
It rose as high as 4,025.94 in Friday’s morning session before losing as much as 0.4 percent in the afternoon just as European markets began trading.
“The index went down as soon as the European market opened negatively, renewing concern over the debt talk in Greece. Investors quickly secured their gains of the past few days,” said Reza Priyambada, an equity analyst at Indo Surya Asset Management in Jakarta.
Decliners beat gainers by 106 to 102 at the Indonesia Stock Exchange on Friday. About 4.76 billion shares, worth Rp 4.58 trillion ($513 million), changed hands. Foreign investors bought Rp 349 billion more than they sold.
Vale Indonesia, the country’s largest nickel miner, formerly known as International Nickel Indonesia, fell 1.9 percent to Rp 3,975 after the nickel price for May delivery on the London Metal Exchange fell 0.5 percent overnight.
Palm plantation company stocks rose after the price of crude palm oil in Malaysia gained 1.3 per cent. The agriculture sector gained 1 percent on Friday.
The rupiah fell 1.2 percent to trade at 8,995 against dollar. It lost 0.2 percent this week.
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