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JCI continues to rally on Thursday
The Jakarta Composite Index (JCI) continued to climb on Thursday as better-than-expected companiesâ earnings returned investorsâ confidence
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he Jakarta Composite Index (JCI) continued to climb on Thursday as better-than-expected companies' earnings returned investors' confidence.
The JCI jumped by 192.89 points or 4.55 percent to 4,430.63 during Thursday's final trading session, while shares of 45 blue chip companies strengthened by 44.02 points (6.19 percent) to 754.83.
Indonesia Stock Exchange (IDX) president director Tito Sulistio said that the jump was driven by the country's strong economic fundamentals, in addition to the many publicly listed companies that reported profits in the first half of this year.
At least 73 percent of the companies listed in the IDX, or 329 firms, booked profits in the first six months of this year, the IDX reported.
"For comparison, during the 1998 financial crisis, 70 percent of companies showed a drop in their financial performance,' he said, as quoted by Antara news agency.
IDX development director Nicky Hogan said that Thursday's trading saw the return of foreign investors' confidence on the local bourse with many of them starting to buy local stocks again.
The IDX data showed that foreign investors booked a net buy of Rp 218.5 billion (US$15.6 million) on Thursday.
The IDX also recorded 309,128 transactions with 4.69 billion shares worth Rp 5.73 trillion in Wednesday's trading. As many as 246 shares strengthened and 70 stocks weakened, while 74 stocks remained stagnant.
In regional markets, the Hang Seng Index climbed by 758.15 points (3.6 percent) to 21,838.54, the Nikkei Index strengthened by 197.61 points (1.08 percent) to 18,574.44 and the Straits Times Index rose by 72.43 points (2.52 percent) to 2,945.43. (ika)
