JCI Closes Up as Rupiah Gains on Dollar

The Jakarta Composite Index (JCI) on Thursday closed up by 14.06 bps or 0.26 percent to 5,372.74. The index gained along with the rupiah that strengthened against the US dollar.

Todays JCI gain was supported by positive sentiments from the currency market, as the rupiah appreciated against the US dollar, NH Korindo Securities Indonesia analyst Bima Setiaji said in Jakarta.

The rupiah appreciation, he said, may bring more positive impacts to financial issuers, allowing profit growth. 

The index also got a push from the mining sector, with stocks climbing on expectations for a coal price hike following Chinas plan for a production cut.  

Meanwhile, Asjaya Indosurya Securities analyst William Surya Wijaya said the JCIs uptrend was limited by foreign selling.

The JCI is still in a consolidated zone, as reflected by the capital outflow volume, which prevented it from climbing higher, he said.

The Indonesia Stock Exchange (IDX) recorded a foreign net sell of Rp246.65 billion today. In the regular market, 21.72 billion units of shares worth Rp7.52 trillion were traded 397,023 times.

 

Source : Tempo.co

Feb 25, 2017

 
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