IHSG pace slackens in run-up to long national holidays

Jakarta (ANTARA) - The Indonesia Composite Index (IHSG) at the Indonesia Stock Exchange (IDX) has begun showing signs of slowing down this week prior to the protracted national holidays of Eid al-Fitr.

"The market is forecast to slow down after some profit-taking on Tuesday, and moreover, we are nearing the long holidays," Valbury Securities head of research Alfiansyah stated here on Wednesday.

Despite the pace slackening, the IHSG opened stronger on Wednesday morning, increasing by 56 points, or 0.92 percent, to 6,089.10.

Alfiansyah noted that the investors' anticipation toward a sluggish global market, including Asian bourses, too caused the pace of IHSG to slacken.

"Investors will act to save their portfolios in the midst of uncertainty that may arise from the global market," he pointed out.

Even as global uncertainty exists over no agreement yet being reached on the US-China trade war, Alfiansyah believes that hopes were revived of a more stable market following Trump's claim of the US-Japan trade deal being inked in August.

However, the US-Japan deal would merely offer a small positive impetus to the market, as there are larger concerns over the US-China trade war in connection with which Trump has often made controversial statements.

Among the sluggish Asian markets on Wednesday morning, Nikkei Japan declined by 243.12 points, or 1.14 percent, to 21,017.02; Hang Seng Hong Kong plunged 122.47 points, or 0.45 percent, to 27,268.34; and Straits Times Singapore decreased 7.32 points, or 0.23 percent, to 3,158.

Source: Antara News

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