The locals are selling the market after lunch, and stocks are trading bid side mostly now. The hardest hit stock is BUMI, down 12% now, as it was one of the biggest gainers
WHY? partly because locals, recently the most aggressive buyers,are using as an excuse a political statement made by a fraction of the Golkar party.
Statement said that Golkar is no longer interested in allaying itself w/President SBY's Democratic Party. Currently both Golkar and Democratic Party form the ruling coalition, and expectations were that the political status- quo could be maintained in this year's elections. I think it is too early to make any firm conclusions here, there is a lot of posturing and psycho war fare going on during
coalition building; and reports of rifts within the political parties themselves (Golkar) have been rumored as well.
What does this mean politically? No idea, too early to say. But as murky as politics usually are, a great excuse for local retailers to take some of their
recently gained money off the table.
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