TEMPO.CO, Jakarta - The Jakarta Composite Index (JCI) at the Indonesian Stock Exchange (IDX) closed higher by 16.55 points at the end of Wednesday's trading session, fueled by domestic positive sentiments that supported its uptrend.
The JCI closed higher by 16.55 points or 0.33 percent to 5,048,84 points, while the Top 45 (LQ45) Index went up by 4.15 points or 0.48 percent to 863,19 points.
"Positive domestic sentiments are providing the boost the IDX needs to support an uptrend," said the head of research at Valbury Asia Securities, Alfiansyah.
Alfiansyah said that the market was moving in a positive direction since market players were becoming less worried about the political situation as the tension between the Great Indonesia Coalition (KIH) and the Red and White Coalition (KMP) began to dissipate.
Another sentiment giving the IDX some boost comes from the government's plan to cut fuel subsidies, which is slated to happen sometime in November.
"President Joko Widodo reiterated his commitment to cutting fuel subsidies at the Asia-Pacific Economic Cooperation (APEC) Summit, by saying that his administration plans to move away from subsidizing consumption, shifting the freed-up funds to subsidize productive activities instead.
The freed-up fiscal space will enable the government to build more ports, irrigation canals, power stations, as well as developing Indonesia's fisheries fleet and other infrastructural projects, said President Joko Widodo.
The IDX recorded a total of 206,668 transactions throughout Wednesday's trading session, wherein 3.06 billion shares worth Rp3.67 trillion were traded. The shares of 165 companies went up, while 143 shares experienced losses, and 98 remained stagnant.
Meanwhile across Asia, the Hang Seng Index rose by 129.90 points or 0.55 percent to 23,938.18 points, the Nikkei rose by 72.94 points or 0.43 percent to 17,197.05 points, while the Straits Times slid by 8.44 points or 0.26 percent to 3,283.71 points.