JCI Rebounds on External Support

  • Font:
  • Ukuran Font: - +
  • TEMPO.CO, Jakarta – The Jakarta Composite Index (JCI) closed yesterday's trade with a 50.79-point (1.03 percent) gain to 5000.138 bps. A total of 3.8 billion shares worth Rp3.8 trillion were traded, with foreign net sales dropping to Rp95 billion from yesterday's Rp840 billion.

    Positive sentiments from regional exchanges and a subsiding selloff by foreign investors selling were the catalysts driving the index," Lanjar Nafi Taulat Ibrahimsyah, an analyst from Reliance Securities, said yesterday.

    Most Asian markets experienced technical rebounds following the strengthening of the New York stock index at the end of last week, as well as Japan's central bank's decision to maintain its stimulus program. Meanwhile, European exchanges opened yesterday positively over a market bullish that continent's slowing economy will encourage the ECB to increase stimulus.

    According to Lanjar, investors pay little attention to the People's Consultative Assembly (MPR) speaker election; more interested declining stock prices due to last week's correction week. "On the other hand, Bank Indonesia's (BI) statement that it will intervene the money market proportionally helped reduced the market's fears of a rupiah depreciation."

    Lanjar expected the index to move between 4,975 and 5,060 today with a limited potential to strengthen. Big cap stocks have begun to show signs of reversal, including Astra International (ASII), Bank Rakyat Indonesia (BBRI), Telkom (TLKM), and Bank Mandiri (BMRI). Lanjar also suggested investors to keep their eyes on Indocement (INTP), Semen Indonesia (SMGR), Ciputra Property (CTRP), Lippo Karawaci (LPKR), and Indosat (ISAT)," he said. 

    PDAT | M. AZHAR