JCI Closes in the Green on Thursday
8 October 2015 17:42 WIB
TEMPO.CO, Jakarta -The Jakarta Composite Index (JCI) at the Indonesian Stock Exchange (IDX) went slightly up by 4,30 points at the end of Thursday's trading session, as market players begin to hold back from transacting in light of recent improvements.
The Index closed slightly up by 0,09 percent to close at 4,491.43 points, while the Top 45 (LQ45) Index similarly went up by 1,98 points or 0,25 percent to conclude trading at 769.06 points.
"The JCI is experiencing a limited uptrend as the market begins to show signs of improvements in the past couple of days," said the Head of Research for NH Korindo Securities Indonesia, Reza Priyambada in Jakarta on Thursday, October 8.
According to Reza, the uptrend is rather limited as the shares of several companies have been overbought - and Indonesia's dipping foreign exchange reserves is no help in ensuring a further uptrend.
According to Bank Indonesia's records, Indonesia's foreign exchange reserves in September 2015 stood at US$101,7 billion - significantly lower than its' August position at US$105,3 billion. "This reduced capacity for an intervention is stopping investors from going in further," said Reza.
An analyst for Asjaya Indosurya Securities, William Surya Wijaya, the return of the Index into the green zone reflects the return of foreign capital into the domestic market - a response to the government's deregulation packages. In fact, JCI records indicate that foreign investors poured in some Rp683,378 billion into the market on Thursday.
"This influx of foreign capital is boosting the movement of the Index," said WIjaya.
Throughout Thursday's trading session, there were 291,103 transactions wherein 4,14 trillion shares worth Rp4,52 trillion were traded.
ANTARA