Rupiah ... oh ... Rupiah ... nasibmu .... DE ----- Original Message ----- From: IndoExchange.com <[EMAIL PROTECTED]> To: IndoStock Subscriber <[EMAIL PROTECTED]> Sent: Friday, March 09, 2001 5:33 PM Subject: JSX Top 30 Stock [Friday, March 9, 2001] Friday, March 09, 2001 5:17:53 PM Dollar/Rupiah Rate Rp.10,140/US$ ------------------------------------------------------------------------ Jakarta shares close sharply lower after rupiah breaches 10,000 level ------------------------------------------------------------------------ JAKARTA (AFX-ASIA) - Share prices closed sharply lower after the rupiah breached the key psychological level of 10,000 to the dollar, dealers said. The fall in the value of the currency reflects and adds to stockmarket investors' woes, they added. Sentiment was already hard hit by the worsening ethnic fighting in Central Kalimantan, Moody's and Standard & Poor's decisions to downgrade the outlook for Indonesia's sovereign credit ratings and increased uncertainty as to whether or not the IMF will come through with the next disbursement of funds. The rupiah was trading at 10,130/10,150 to the dollar. A dealer from a foreign bank said there was panic dollar buying by local corporates with dollar debt obligations falling due at the end of this month. "Some foreign banks were also buying dollars to cover their short dollar positions, besides having to buy dollars for customers," he said. Kim Eng Securities' analyst Hans Anggito said: "All the bad news impacted the rupiah and this had a knock-on effect on the equity market." Shares across the board were falling as a result, he added. He said if the rupiah weakens further, the composite index could fall below the 400 level. Others agreed with Anggito. An analyst with Dongsuh Kolibindo Securities said: "I expect the market will continue to be bearish next week on the back of expected continuing pressure on the rupiah as well as on-going concerns about the rating outlook downgrades ... If the rupiah continues to weaken next week,I won't be surprised if the composite index falls below 400 points." He said the market is also concerned that the existing political uncertainty could result in the military taking a more prominent political role. Within the market, Telkom closed down 150 rupiah at 2,775, Indosat down 450 at 10,000. JSX Index Level Change %Change -------------------------------------- 414.106 -13.930 -3.2544 Name Code Close Change %Change ----------------------------------------------------------------- Telekomunikasi Indonesia TLKM 2,775 -150 -5.13 Indosat ISAT 10,000 -450 -4.31 Bank BCA BBCA 1,825 -25 -1.35
