T

he Jakarta Composite Index (JCI), the main gauge of the Indonesia Stock Exchange (IDX), continued its rally on Wednesday and renewed a record booked on the previous trading day.

The JCI closed Wednesday’s trading at 5,951, higher by 0.2 percent compared to its previous close at 5,939. The index has expanded by 12.36 percent so far this year, yet still lags behind those of Hong Kong, the Philippines, India and South Korea, according to Bourse data.

Despite the rally, foreign investors continued their selling spree and booked a net sell of Rp 264.94 billion (US$19.6 million) on the day, bringing the total net sell to Rp 12.84 trillion so far this year.

The JCI continued to move in its consolidation range amid continuing capital outflows, Indosurya Sekuritas research department vice president William Surya Wijaya wrote in an email.

“The consumer confidence index data release is expected to affect the index’s move on Thursday,” he said, adding that the market was still waiting for significant capital inflows to boost its performance going forward.

Stocks of pharmaceutical company PT Kalbe Farma, heavy equipment firm PT United Tractors and nickel miner PT Vale Indonesia became the JCI movers, while stocks of cigarette maker PT HM Sampoerna, state lender Bank Mandiri and private lender Bank Mayapada Internasional were the laggards.

William projects the index to hover at around 5,861 to 5,988 on Thursday.