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View all search resultsJCI closes mediocre year with last trading day in red
The Jakarta Composite Index (JCI), Indonesia Stock Exchange’s (IDX) main gauge, closed Monday at 6,299.54 points, down 0.47 percent from Friday.
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Trade Minister Agus Suparmanto (center) presses the button to officially close 2019's last trading day while Indonesia Stock Exchange (IDX) president director Inarno Djajadi (left), Financial Services Authority (OJK) executive head for capital market Hoesen (second left), Finance Minister Sri Mulyani Indrawati (third left), OJK deputy chairman Nurhaida (third right), head of capital market monitoring development II Fakhri Hilmi (right) and Bank Indonesia (BI) deputy governor Dody Budi Waluyo (second right) look on at the IDX building in Jakarta on Monday. (JP/Dhoni Setiawan)
T
he local bourse has failed to conclude its last trading day of 2019 on a bullish note as it closed a year of unstable domestic political conditions and global economic uncertainty.
The Jakarta Composite Index (JCI), Indonesia Stock Exchange’s (IDX) main gauge, closed Monday at 6,299.54 points, down 0.47 percent from Friday. Over the full year of 2019, the index gained a modest 1.7 percent, not nearly enough to make up for the 2.54 percent contraction recorded in 2018.
Still, Finance Minister Sri Mulyani Indrawati, who attended the closing ceremony on behalf of President Joko “Jokowi” Widodo, lauded the achievement.
“This year has not been so kind to us, so this achievement was achieved through extra effort from all stakeholders,” she said during the IDX closing ceremony in Jakarta.
The mediocre performance of the stock market index reflects a slight slowdown of the domestic economy. The country’s gross domestic product (GDP) grew by only 5.02 percent year on year (yoy) in the third quarter of 2019, the slowest pace in more than two years, as investment fell and household spending stagnated amid a cooling global economy due to trade frictions around the globe.
On the same day, Japan's stock market index, the Nikkei, finished its last trading day of the year down 0.76 percent. The index gained 18.2 percent in 2019 after dropping 12.8 percent last year, Reuters reported.
MSCI’s index of major Asian stock markets excluding Japan rose to its highest since June 19, 2018, on Monday, before trimming gains. It was last up 0.05 percent.
