JCI Slides as Asian Investors Reassess Tech Rally Risks
Jakarta. Jakarta Composite Index (JCI) closed lower on Tuesday, slipping 24.73 points or 0.29 percent to 8,366, as Asian markets broadly weakened amid fading momentum from a recent tech-led rebound.
The benchmark index moved within a range of 8,338 to 8,443 throughout the day. According to RTI data, around 70.67 billion shares changed hands, with a total transaction value of Rp 27.3 trillion ($1.63 billion) across 3.1 million trades.
Asian shares mostly retreated as investors reassessed the recent surge in technology stocks, which some analysts compared to the dot-com bubble of 2000. Market sentiment was little changed by the US Senate’s move to end the government shutdown.
In the region, Tokyo’s Nikkei 225 edged down 0.1 percent to 50,842.93, Hong Kong’s Hang Seng Index slipped 7 points to 26,645.27, and Shanghai’s Composite Index dropped 0.4 percent to 4,002.76. South Korea’s Kospi, however, gained 0.8 percent to 4,106.39.
On Wall Street overnight, US stocks rallied sharply, led by a 5.8 percent jump in Nvidia, which helped the Nasdaq composite surge 2.3 percent. The S&P 500 and Dow Jones Industrial Average climbed 1.5 percent and 0.8 percent, respectively.
Back on the Indonesia Stock Exchange (IDX), top gainers included Kobexindo Tractors (KOBX) increased 34.44 percent, Duta Anggada Realty (DART) rose 34.97 percent, Bumi Resources (BUMI) added 32 percent, and Mora Telematika Indonesia (MORA) also added 25 percent.
On the losing side, Chemstar Indonesia (CHEM) fell 11.63 percent, Sepatu Bata (BATA) slipped 10 percent, Perdana Bangunan Pusaka (KONI) declined 9.97 percent, and Soraya Berjaya Indonesia (SPRE) dropped 9.85 percent.
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