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The Jakarta Composite Index (JCI) rose 0.79 percent to 5,068.58 in Monday's first trading session following the inauguration of President Joko "Jokowi" Widodo and Vice President Jusuf Kalla.
In addition, shares of blue chip companies traded on the Indonesia Stock Exchange rose by 1.16 percent to 864.12.
"Political
sentiment in the country affects the morning trade significantly as
compared to global sentiment," Valbury Asia Securities head of research
Alfiansyah said in Jakarta on Monday as quoted by Antara news agency.
"Investors will use this momentum to buy shares. We are hoping that this will not be a temporary euphoria."
He added that investors were currently awaiting the formation of the new Cabinet, which was expected to be announced on Tuesday. He added that market players were keeping a close eye on the economic team appointed to manage the nation's economy.
"The economic team is expected to improve the country's economy over the next five years," he said.
He
added, however, that the global economic downturn remained a threat to
economic growth. He said market players were currently awaiting the
release of data such as China's Gross Domestic Product (GDP), Japan's
trade balance and the US' inflation rate.
In the regional market, Hong Kong's Hang Seng and Japan's Nikkei strengthened by 0.87 percent and 3.41 percent, respectively, on Monday morning.
Singapore's Straits Times also recorded improvement, rising by 0.68 percent to 3,189.17. (nfo)