TEMPO.CO, Jakarta - The Jakarta Composite Index (JCI) opened with a 9.16-point (0.18 percent) climb to 5,207.91 on Friday morning, December 2. The index of 45 leading stocks, or the LQ45, also gained 2.30 points (0.27 percent) to 872.00.
Binaartha Sekuritas analyst Reza Priyambada said the rupiah's positive movements can help the JCI climb today, despite investors' worry about today's rally in Jakarta.
"Sentiment-wise, the mass prayer act has little effect on the market—as long as it goes well according to regulations. But if things go out of control, the market will respond negatively," he said.
The JCI climb is also supported by OPEC members' decision to cut oil production to boost prices. The policy has resulted in price gains for commodity items and mining stocks.
Meanwhile, Valbury Asia Securities' VP for research and analysis Nico Omer Jonckheere said there is fear that today's Muslim rally in Jakarta will limit the JCI's range. "The JCI is expected to move sporadically this weekend," he said.