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STOCKS NEWS INDONESIA-Index slips on foreign selling
June 7, 2013 / 5:31 AM / 4 years ago

STOCKS NEWS INDONESIA-Index slips on foreign selling

Indonesian shares fell 1.91 percent to 4,905.62 by midday on Friday, as foreign investors sold stocks following a drop in other Asian markets.

The benchmark Japanese stock average plunged as much as 1.9 percent to a two-month low, having shed 20 percent from a 5-1/2-year high reached two weeks ago. The broader Topix index shed as much as 2.4 percent.

“The JCI (Jakarta Composite Index) is still under pressure with current foreign net buy of 7.93 trillion rupiah ($809.80 million), compared to an all-time high of 18 trillion,” said Edwin Sebayang, head of research at Jakarta-based MNC Securities in a note on Friday.

Consumer and basic industry stocks dropped more than 3 percent. State-controlled cement maker Semen Indonesia and shampoo maker Unilever Indonesia dropped more than 5.5 percent each. Jakarta’s blue chip index slid 2.43 percent.

1150 (0450 GMT)

$1 = 9,792.5 rupiah Reporting by Andjarsari Paramaditha; Editing by Anand Basu

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