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Commodity price hike boosts JCI
The Indonesia Stock Exchange (idx
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The Indonesia Stock Exchange (idx.co.id) (idx.co.id)
The Indonesia Stock Exchange (idx.co.id)
The Jakarta Composite Index (JCI) added 41.36 points on Monday, or 0.9 percent, to reach 4,630.7 as commodity prices increased due to China's improved demand outlook. Meanwhile the rupiah slightly depreciated to Rp 13,500 per US dollar.
Reliance Securities analyst Lanjar Nafi says that increased commodity prices caused by positive sentiment from China have spurred commodity-related stocks to lead the day's gains.
"The JCI regained its strength while the rupiah fluctuated, ultimately closing below Rp 13,500 per US dollar. Inflow in the capital market also boosted the stocks," he said as quoted by Antara news agency in Jakarta on Monday.
But technically, he continued, the JCI had been overbought and this would potentially decline in the short term. He predicted the bourse market gauge would move around 4,580 to 4,655 at Tuesday's trading.
"Investors should be cautious and start to accumulate their gains while prices are high," Lanjar said.
Universal Broker Indonesia head of research Satrio Utomo said the equities markets in Asia rose amid limited negative sentiments. Foreign buyers recorded a net buy of Rp 307.6 billion (US$ 22.97 million).
Hong Kong's Hang Seng Index added 1.21 percent, South Korea's KOSPI Index rose 0.1 percent and Singapore's Straits Times Index rose 1.04 percent.
'Foreign investors were in a buying position, while local investors were in a selling position, which slowed down the JCI's rally,' he stated.
According to exchange data, Monday's trading frequency reached 310,032, involving 6.8 billion shares worth Rp 4.87 trillion. There were 193 stocks that gained, 126 stocks that lost, and the remaining 87 shares were unchanged. (ags/ebf)
