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

by December 22, 2016 General

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.