JCI Commences Trading in the Green After Eid Closures

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  • TEMPO.CO, Jakarta - The Jakarta Composite Index (JCI) at the Indonesian Stock Exchange (IDX) went up by 17.88 points at the start of trading on Wednesday, after having closed for business during the Ramadan holiday period.

    The JCI went up by 17.88 points or 0.37 percent to begin trading 4,887.73 points at the start of Wednesday's trading session, whereas the Top 45 (LQ45) Index went up by 4.57 points or 0.55 percent to begin trading at 837.45 points.

    The Head of Research for NK Korindo Securities Indonesia, Reza Priyambada, said that the JCI's uptrend signifies that market players are still optimistic of the performance of entities traded in the Indonesian market, despite the relatively stagnating economic growth observed in the second quarter (Q2) of 2015.

    On the other hand, external sentiments from Europe, China, and the United States (US) throughout the closure of the IDX are relatively positive for the Index, which drives domestic market players to begin accumulating shares.

    "Although the Fed has indicated that the Fed fund rate might be raised sooner than initially expected, the overall response has yet to negatively impact the IDX, which allows it to sustain its' general uptrend," said Reza.

    An analyst for Mandiri Sekuritas, Hadiyansyah, predicted that in the next three days until Friday, trading will remain limited as many market players are still on leave, after Eid al-Fitr.

    "The Index is predicted to remain between 4,830-4,900 points - and technically speaking, there seems to be no sign that signifies that the uptrend will cease," said Hadiyansyah.

    Meanwhile across Asia, the Hang Seng Index slipped by 189,23 points or 0,74 percent to begin trading at 24,347.20 points, the Nikkei similarly slipped at opening by 231.28 points or 1.11 percent to start trading at 20,610.69 percent, while the Straits Times Index similarly opened weaker by 3.64 points or 0.11 percent to commence trading at 3,367.50 points.