JCI Closes Up after Bank Indonesia Rate Cut
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19 November 2020 20:46 WIB
TEMPO.CO, Jakarta - The Jakarta Composite Index (JCI) closed Thursday's trade with a gain following Bank Indonesia's decision to cut the interest rate benchmark. The JCI climbed 0.66 percent to close the day at 5,594.06.
The Bank Indonesia Board of Governors Meeting on November 18-19 resulted in the decision to cut the BI 7-Day Reverse Repo (7DRR) Rate by 25 bps to 3.75 percent. BI also cut the deposit rate by 25 bps to 3 percent, and the lending rate by 25 bps to 4.5 percent.
Bina Artha Sekuritas analyst M Nafan Aji Gusta said that rate cuts are an effort to support government programs in accelerating the national economic growth recovery.
By sector, eight sector indexes gained, with property climbing the highest by 2.34 percent. Mining and industry came second and third with 1.38 percent and 1.22 percent.
Today's trade close was also marked by Rp289.06 billion in foreign buys.
Read: Minister of Economy Waits Private Sector Investments to Boost Q4
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