IDX Composite Index Opened 3.26 Points Higher

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  • TEMPO.CO, Jakarta- Stock price index (JCI) in Indonesia Stock Exchange (IDX) opened up 3.26 points to 4587.51 on Friday morning following a rise enough positive sentiment from both global and domestic.

    While the group of 45 leading stocks or LQ45 moved up 0.83 points (0.11 percent) to 775.95.

    Head of Research Universal Broker Indonesia Satrio Utomo said regional stock exchanges were relatively positive had prompted some market participants to take action to buy back shares so that JCI Stock Exchange moves in the positive area.

    "Market participants fear factor against the devaluation of the yuan is expected to slightly decrease, considering that on [Friday] the exchange rate of the yuan rose slightly against a basket of currencies," he said.

    Domestically, he said, market participants are expecting the positive sentiment of the speech on the 2016 Draft State Budget (RAPBN).

    The sentiment of the budget bill is expected to hold foreign investors sell shares so that the performance of the capital market improves.

    "The sell-off of foreign investors is still looks pretty big. Hopefully, the positive news coming from the speech draft budget and the possible reduction of electricity tariffs for industry would create improved performance of listed companies, which in turn drive the construction sector stocks, cement, banking became exciting," he said.

    Technical Analyst of Mandiri Securities Hadiyansyah said JCI rise was a technical rebound this morning and stating that JCI is still on downward trend with a range of medium and long-term movements in the area of 4600-4700 points.

    "Currently the market is still in a bearish condition. We recommend to short-term trading with the discipline of risk," he said.

    At the regional level, the Hang Seng Index rose 34.80 points (0.14 percent) to 24053.60; Nikkei index fell 52.63 points (0.26 percent) to 20542.92; and the Straits Times Index rose 20.39 points (0.67 percent) to 3112.87.