TEMPO.CO, Jakarta - The Jakarta Composite Index (JCI) at the Indonesia Stock Exchange (IDX) recovered by 43.09 points or 0.84 percent to close at 5,165.40 points at the end of Wednesday's trading session. Similarly, the Top 45 (LQ45) Index also went up by 9.16 points or 1.04 percent to trade at 890.07 points at Wednesday's close.
An analyst for Asjaya Indosurya Securities, William Suryawijaya, said the rupiah's appreciation against the United States (US) dollar is one of the contributing factors allowing the IDX to rebound.
Furthermore, the general uptrend experienced by the majority of bourses worldwide is also driving investors to accumulate Indonesian shares, consequently pushing the IDX back into the green zone. "The absence of a significant boost in the domestic market forces market players to look abroad for a point of reference," said William.
Technically speaking, added William, the IDX's fluctuations throughout Wednesday's trading session indicated there were still some room for the IDX to move towards its resistance level at 5,229 points.
Meanwhile, an analyst for HD Capital, Yuganur Wijanarko, said the IDX's uptrend was still being shadowed by market players who were unloading their shares to anticipate Indonesia's December inflation figure, which is expected to exceed to 2.2 percent due to the government's recent cuts to fuel subsidies in mid-November.
IDX records show that throughout Wednesday's trading session, there were 271,941 transactions wherein 4.39 billion shares worth Rp4.39 trillion were traded. The shares of 177 companies experienced an uptrend, the shares of 135 companies weakened, while 92 remained stagnant.
Meanwhile across Asia, the Hang Seng Index went up by 38.69 points or 0.16 percent to 23,524.52 points, the Nikkei slid by 400.80 points or 2.25 percent to 17,412.58 points, while the Straits Times climbed by 5.97 points or 0.18 percent to close at 3,325.81 points.