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JCI, rupiah continue to strengthen in morning trade
The Jakarta Composite Index (JCI) and the rupiah interbank trade rate opened on a positive note on Wednesday morning
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The Jakarta Composite Index (JCI) and the rupiah interbank trade rate opened on a positive note on Wednesday morning.
The JCI rose by 0.52 percent to 5,055.49 by 9 a.m, while the rupiah appreciated by 28 basis points to Rp 11,973 per US dollar.
"Indices across Asia, including Indonesia, strengthened in the morning trade because of improvements recorded in the US stock exchange and the European Central Bank's plan to increase its stimulus to help improve the economic condition in Europe," Samuel Sekuritas analyst Tiesha Narandha Putri said as quoted by Antara news agency.
She added that positive domestic sentiment had buoyed the country's financial markets, as there was a good chance that the newly elected President Joko "Jokowi" Widodo would announce his formation of Cabinet on Wednesday.
"Minister candidates for the economic team who have been discussed for the past few days are market-friendly," she added.
Separately, Valbury Asia Securities head of research Alfiansyah said that investors were waiting for the formation of the new Cabinet because it would affect the country's policymaking.
"We also hope that global sentiment will remain positive, as it will help the JCI to continue its appreciation," Alfiansyah said.
In the regional market, Hong Kong's Hang Seng and Japan's Nikkei strengthened by 0.69 percent and 1.64 percent to 23,248.85 and 15,050.82, respectively. (nfo)
