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Rupiah and JCI end week with 1 percent rise
(Illustration: Thejakartapost
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(Illustration: Thejakartapost.com/Wienda Parwitasari) (Illustration: Thejakartapost.com/Wienda Parwitasari)
(Illustration: Thejakartapost.com/Wienda Parwitasari)
The rupiah closed the week with a 1.1 percent gain, at Rp 13,623 per US dollar, a similar finish to the Jakarta Composite Index (JCI), which saw a 1 percent gain of 42.39 points to end on 4,561.33 at Friday's close.
A foreign exchange analyst at PT Bank Mandiri Tbk, Rully Arya Wisnubroto, said the rupiah's rally was well supported by external factors triggered by a firmer Federal Reserve position regarding its slow fund rate hike.
'The weakened US dollar was due to profit taking by investors. Thus, it doesn't change the rupiah's bearish trend,' he said as quoted by kontan.co.id in Jakarta on Friday.
The US dollar, he further said, would stay flat next week as the market would 'wait and see', which should allow the rupiah to score some gains. Without positive sentiments from the local market, he said a small drop in the rupiah would be justified.
On Friday's closing, Indonesia Stock Exchange (IDX) recorded a transaction volume of 4.11 billion shares worth a total of Rp 4.28 trillion (US$310.16 million). As many as 146 stocks increased while 106 weakened and 97 were unchanged. Foreign investors recorded a net buy of Rp 145.74 billion.
Nine out of ten sectoral indexes rose, led by the infrastructure sector index which rose 2.08 percent. On the other side, the mining sector index dropped 0.74 percent.
In the regional market, the MSCI Asia Pacific Index climbed 0.3 percent to 134.38, the Hang Seng Index strengthened 1.1 percent, the Australia S&P/ASX 200 Index was up 0.3 percent and the Kospi Index grew 0.1 percent. (ags)
