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JCI hits another record high
The Jakarta Composite Index (JCI), the Indonesia Stock Exchange (IDX) main gauge, broke another record Tuesday, closing the day trading at 5,651, or higher by 0.8 percent compared to its previous close.
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A trading floor of Indonesia Stock Exchange (IDX) building. (JP/Wienda Parwitasari)
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The previous record high of 5,557.98 was made on March 16.
Mining sector drove the jump as it climbed up by 3.58 percent on Tuesday, followed by trade and basic industry, which increased by 1.55 percent and 1.3 percent, respectively, compared to the previous day trading.
Foreign investors bought Rp 616.3 billion (US$46.2 million) worth of stocks more than they sold on the day, making the year-to-date (ytd) net buy reached Rp 9.4 trillion. The index has expanded by 6.7 percent so far this year.
(Read also: Indonesian stocks rally to record high as foreign investors buy)
The strengthening index this time is mostly supported by internal sentiments, such as stable inflation rate and positive outcome of a limited Cabinet meeting held Tuesday, during which President Joko "Jokowi" Widodo expected the economy to grow by 5.6 percent in 2018 and 5.1 percent this year, Bina Artha Sekuritas senior analyst Reza Priyambada wrote in a text message.
"This sets aside several negative sentiments, such as weakening global bourses and rupiah value," he wrote.
Rupiah value against the US dollar, meanwhile, weakened slightly by six points to Rp 13,331 on Tuesday.
Mirae Asset Sekuritas Indonesia projects the index to continue its upward move to between 5,640 and 5,676 on Wednesday. (hwa)
