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Window dressing, hopes of vaccine push JCI back to 6,000
The JCI concluded its trading at 6,012.52 on Monday or 1.25 percent higher than Friday’s closing.
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A security officer stands near a bull statue and a giant screen displaying stocks movement at the Indonesia Stock Exchange (IDX) building in Jakarta on April 3. (Antara/Aprillio Akbar )
I
nvestors’ optimism for a better economy following the creation of COVID-19 vaccines has bounced the Jakarta Composite Index (JCI) back to a psychological benchmark of 6,000 on Monday, after a deep market rout earlier this year.
The main gauge of the Indonesia Stock Exchange (IDX) concluded its trading at 6,012.52 on Monday or 1.25 percent higher than Friday’s closing, shaving off some of the index losses to 4.56 percent since the beginning of the year.
Stocks of privately owned Bank Central Asia (BCA), cigarettemaker PT HM Sampoerna and technology and media company PT Elang Mahkota Teknologi led the JCI's surge on Monday.
“The invention of the COVID-19 vaccines supported the market’s bullish movement on hopes of a better economic situation next year,” Artha Sekuritas vice president Frederik Rasali told The Jakarta Post via text message on Monday.
Read also: IDX sets modest 2021 goals, expects lingering economic turbulence
Global markets reached new highs in November following news that vaccines developed by United States drug makers Pfizer and Moderna had a high efficacy rate in preventing COVID-19 infection. The United Kingdom started to administer the vaccine for medical frontliners and senior citizens last week, with Canada planning to follow suit this week.
In the meantime, Indonesia received 1.2 million doses of a COVID-19 vaccine produced by China’s Sinovac Biotech. The vaccine is still awaiting efficacy results and emergency approval from the Indonesian Food and Drug Monitoring Agency.
