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JCI sets new record at close
The Jakarta Composite Index (JCI) continued to strengthen and set a new record in Tuesdayâs final trading session in the midst of optimism by investors over Indonesiaâs economic data
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he Jakarta Composite Index (JCI) continued to strengthen and set a new record in Tuesday's final trading session in the midst of optimism by investors over Indonesia's economic data.
The index was up by 80.01 points or 1.47 percent to 5,518.67. Meanwhile, the index of 45 most liquid stocks (LQ45) strengthened by 15.47 points (1.63 percent) to 961.93.
Investa Saran Mandiri analyst Kiswoyo Adi Joe said domestic stock market players' optimism over domestic macro-economy data to be released by the Central Statistics Agency (BPS) on Wednesday would result in the JCI strengthening.
'Investors were quite active in accumulating stock in light of positive expectations over the domestic economy, pushing the JCI to achieve its new record of 5,518, the highest point after its level of 5,514 on March 6,' he said as quoted by Antara in Jakarta on Tuesday.
Kiswoyo predicted that March inflation would be between 0.3 and 0.5 percent, which could be considered stable.
'The national year-on-year inflation rate is expected to remain low while Indonesia's improving trade balance will hopefully continue so the deficit can continue to decline,' he said.
HD Capital analyst Yuganur Wijanarko said that as the JCI hit a new record, market players were recommended to pay attention to stocks with not too much capitalization in the banking sector and state-owned construction companies, which had the potential to continue strengthening.
'Along with expectations, stock market players took buying positions after consolidating, so the index recorded a jump,' said the analyst.
Yuganur said several stocks to watch closely included Bank Jabar and Banten (BJBR), Bank Jatim (BJTM), Wika Beton (WTON) and Waskita Karya (WSKT).
On Tuesday, the Indonesian Stock Market recorded 311,434 transactions with 4.77 billion shares worth Rp 6.5 trillion (US$500.5 million). As many as 216 stocks strengthened and 104 weakened while 101 stocks remained unchanged.
In the regional market, the Hang Seng Index strengthened by 45.77 points (0.18 percent) to 24,900.89, the Nikkei Index was down by 204.41 (1.05 percent) to 19,206.99 and the Straits Times Index weakened by 7.25 points (0.21 percent) to 3,447.01 (ebf)(++++)
