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JCI continues ‘winning streak’ on third day
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Posing during the last trading day of 2016 are (left to right) Indonesia Stock Exchange (IDX) president director Tito Sulistio, Financial Services Authority (OJK) chairman Muliaman Hadad, Coordinating Economic Minister Darmin Nasution, Bank Indonesia (BI) Governor Agus Martowardojo and OJK commissioner for capital market supervision Nurhaida. The Jakarta Composite Index (JCI) — the IDX benchmark — closed at 5,296.71 on Dec. 30, 2016, rising more than 15 percent throughout last year. (JP/Dhoni Setiawan)
T
he Jakarta Composite Index (JCI), the main gauge of the Indonesia Stock Exchange (IDX), continued to rally by breaking another record for a third day in a row during Wednesday trading.
The index closed the day at 5,676.98, an increase of 0.4 percent from its previous close on Tuesday.
The basic and chemicals sector fueled the rally, increasing 2.71 percent, while the mining sector fell 0.8 percent.
(Read also: JCI hits another record high)
Foreign investors continued to pump funds into the IDX and the IDX recorded Rp 316.4 billion (US$23.74 million) in net buys on Wednesday. Overall, total foreign net buys stood at Rp 9.72 trillion since the beginning of 2017.
Among Southeast Asia’s major indexes, the JCI was listed as the third-best performer year-to-date after the Philippines’ PSE Index and Singapore’s FTSE ST.
JCI had risen 7.2 percent this year, while the PSE Index and the FTSE ST had increased 10.9 percent and 10.3 percent, respectively.
Asjaya Indosurya Securities analyst William Surya Wijaya wrote in a research note that he expected to see the JCI continue its “winning streak.”
"The potential for further increases are there, supported by several economic data releases earlier this month. Commodity price fluctuations will also support the JCI's move in the short term," he wrote.
Asjaya sets its JCI estimate at 5,572 to 5,688 in Thursday’s trading. (tas)
