JCI Opens at 5,076.09 Points on Friday Morning
31 October 2014 18:18 WIB
TEMPO.CO, Jakarta - The Jakarta Composite Index (JCI) at the Indonesian Stock Exchange (IDX) went up by 17.24 points at the start of Friday's trading session, in line with the general uptrend experienced by bourses across Asia.
The JCI went up by 17.24 or 0.34 percent to start trading at 5,076.09 points, while the Top 45 (LQ45) Index climbed 4.32 points or 0.50 percent to 864.61 points.
"Sentiments from across the globe is giving the IDX a boost this morning," said Reza Priyambada, the head of research at Woori Korindo Securities Indonesia on Friday.
He added that the release of several performance reports from a number of publicly-traded companies on the IDX pointed to a positive growth, which drove investment into the market. That said, the uptrend is to remain rather limited as there are still uncertainties surrounding the government's plan to raise the price of subsidized fuels.
"Market players are still approaching the planned fuel subsidy cuts with caution, and as such will tend to hold of until the government announces its plan and policies after the hike is put into effect," said Reza.
The chief researcher for Valbury Asia Securities, Alfiansyah, said that investors were going to be looking at the new administration's capacity in dealing with the aftermath of the fuel subsidy cuts, as it undoubtedly will cause inflation to rise.
"It is hoped that the positive performance reports of companies for the third quarter of 2014, as well as the general growth experienced by markets across the globe would be enough to neutralize the negative sentiments created by the planned subsidy cuts," said Alfiansyah.
Across Asia, the Hang Seng Index rose by 184.44 points or 0.78 percent to 23,886.48 points, the Nikkei was also up by 273.04 points or 1.74 percent to 15,931.24 points, and similarly, Singapore's Straits Times Index also went up by 8.74 points or 0.27 percent to 3,243.05 points.
ANTARA
