JCI Closes in the Green as S&P Upgrades Indonesia's Bond Rating
21 May 2015 19:00 WIB
TEMPO.CO, Jakarta - The Jakarta Composite Index (JCI) at the Indonesian Stock Exchange (IDX) closed higher by 20.45 points or 0.39 percent to conclude at 5,313.20 points at the end of Thursday's trading session, while the Top 45 (Top 45) Index went up by 5.06 points or 0.55 percent to close at 927.39 points.
"After having plateaued for a while, the JCI is on a rebound after Standards and Poor (S&P) upgraded Indonesia's debt outlook from stable to positive," said the Head of Research for Universal Broker Indonesia, Satrio Utomo in Jakarta.
According to Utomo, the improved outlook could help the Index to resume its' uptrend - that said, the boost will only remain for the short run.
"The JCI went up by the sentiment - however, the increase will not be too significant as it has yet to put Indonesia's obligations to the 'investment-grade' level," said Utomo.
An analyst for HD Capital, Yuganur Wijanarko, added that the uptrend is driven by shares in the construction sector, which are benefiting from the clearance of the government's budget that have been allotted for infrastructure projects in the second quarter (Q2) of 2015.
"Technically and fundamentally speaking, the construction sector is beginning to rebound from its' mid-term trend," said Wijanarko.
JCI records show that there were 230,934 transactions wherein 4.14 bullion shares worth Rp 4.83 trillion were traded.
Meanwhile across Asia, the Hang Seng Index slipped by 61.33 points or 0.22 percent to close at 27,523.72 points, the Nikkei went up by 6.31 points or 0.03 percent to conclude at 27,523.72 points, while the 0.18 points or 0.01 percent to end trading at 3,439.86 points.
ANTARANEWS