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JCI strengthens slightly at opening
The Jakarta Composite Index (JCI) strengthened by 1
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he Jakarta Composite Index (JCI) strengthened by 1.66 points or 0.03 percent to 5,134.70 in Thursday's first trading session along with regional stock markets. Meanwhile, the 45 most liquid stocks (LQ45) strengthened by 0.41 points or 0.05 percent to 885.01.
Woori Korindo Securities Indonesia head of research Reza Priyambada said in Jakarta on Thursday that positive movements on global stock markets boosted the JCI.
'Half of stock market investors are still buying so the JCI is still holding out in the positive area although it's limited. However, the domestic stock market still needs the support of additional positive sentiment to maintain the index's movement,' said Reza as quoted by Antara news agency in Jakarta on Thursday.
The analyst added that it was hoped that foreign transactions would continue to record net buys so that the JCI's rise could be maintained. It was projected that during Thursday's trading session, the JCI would move within the range of between 5,100 ' 5,148 points.
Valbury Asia Securities head of research, Alfiansyah, said domestic sentiment related to President Joko 'Jokowi' Widodo's policy to prohibit his ministers attending the House of Representatives' meetings, which had triggered protests from several factions, could worry the market.
On the other hand, he added, the market would also respond to developments on the House's plan to exercise its right to investigate the government's recent decision to raise subsidized fuel prices.
'Political uncertainty is projected to continue hindering the JCI's positive movement today,' said Alfiansyah.
In the regional markets, the Hang Seng Index strengthened by 51.01 points (0.21 percent) to 24,162.99; the Nikkei Index was down by 54.82 points (0.32 percent) to 17,328.76 and the Straits Times Index strengthened by 1.13 points (0.03 percent) to 3,350.79. (ebf)
