Market Responds to Unsatisfying Debate by Selling  

TEMPO.CO, Jakarta – Presidential candidate Joko Widodo's performance on Sunday's debate (15/6), which the market deemed below par, put the stock exchange back under selling pressure. On Monday's trade, the Jakarta Composite Index (JCI) closed 41.20 points (0.84 percent) down to 4,885.459.

Satrio Utomo, an analyst from Universal Broker Indonesia, said that Sunday's presidential debate was responded negatively by the market. Investors' favorite candidate Joko Widodo looked nervous in a number of occasions.

"Jowoki's performance that fell below market expectations left investors with no choice but selling," he said.

According to Satrio, the so-called Jokowi effect is very influential as the election draws near. The current assumption is the JCI will strengthen when Jokowi's popularity increases. As Jokowi's rival Prabowo Subianto outshone the acting governor of Jakarta on Sunday's debate, the market slumped.

On the other hand, the index is still feeling the negative pressure from the tension in Iraq and the rupiah depreciation. The market is also relatively quiet because of the World Cup finals. Monday's trade noted a transaction frequency of just 3.3 billion shares, valuing at a low Rp3.9 trillion. "Meanwhile, foreign net sales were recorded at Rp240 trillion," said Satrio.

Technically, the JCI has penetrated the support level of 4,880. Therefore, the index has a chance to test the next support level that ranges between 4,780 and 4,840. Once the JCI reaches this level, it will enter a short-lived downtrend.

PDAT | M. AZHAR