Rupiah dive hits market sentiment
Indonesian share prices declined yesterday on heightened concerns that the rupiah could fall further after it hit an intraday low of 9,575 to the US dollar.
Dealers said the rupiah factor would weigh heavily on the market today.
The Jakarta Composite Index fell 5.065 points to 505.921.
Losers led gainers by 111 to 50.
A dealer said the market saw some selling when the rupiah hit a low of 9,575 to the dollar during lunch time.
'That made investors realise that the rupiah could easily fall further . . . even 10,000 soon,' he said.
Another dealer said offshore players pushed the rupiah down to 9,575 before domestic players moved in to shore up the rupiah to about the 9,410 level once the lunch break was over.