JCI Declines for Eighth Consecutive Day on Thursday Amid Decline in Global Oil Prices

Share prices in the Jakarta Stock Exchange slid into negative territory on Tuesday (09/05) as investors sold off stocks to ensure profit margins following a widely controversial guilty verdict in incumbent Jakarta Governor Basuki 'Ahok' Tjahaja Purnama's blasphemy hearing. (Antara Photo/M Agung Rajasa)

By : Sarah Yuniarni | on 9:21 PM December 22, 2016
Category : Business, Markets, Featured

Jakarta. Indonesia's benchmark stock index closed lower for an eighth consecutive day on Thursday (22/12), amid a decline in global oil prices.

The Jakarta Composite Index closed 1.34 percent lower at 5,042.87, following Wednesday's 0.99 percent decline. Decliners beat gainers by 247 to 80.

Foreign investors, accounting for 29 percent of the total trade on the day, bought Rp 427.4 billion ($31.7 million) more in shares than they sold. This was offset by domestic investors, who sold Rp 967 billion more in shares than they bought.

Cigarette producer HM Sampoerna was the biggest laggard on the day as its saw its share price decline by 2.9 percent to close at Rp 3,630. The company had Rp 422 trillion in market capitalization at Thursday's closing.

Reliance Securities analyst Lanjar Nafi said a decline in global oil prices has dragged down most Asian benchmark stock indexes, including the JCI.

Among Asian markets, Singapore's FTSE ST index closed 0.68 percent lower, while Japan's Nikkei declined by 0.09 percent and Hong Kong's Hang Seng by 0.8 percent.

Meanwhile, oil prices fell on Thursday, dragged down by an unexpected rise last week in crude inventories in the United States, the world's largest economy, and moves by Libya, a major oil producer, to boost output over the next few months.

US West Texas Intermediate (WTI) crude oil futures dropped 5 cents to $52.44 a barrel after closing 81 cents lower during the previous session.

The rupiah strengthened slightly to 13,435 against the US dollar on Thursday compared to 13,473 on Wednesday, according to data from Bank Indonesia.

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