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Jakarta Post

Indonesian stocks reach pre-pandemic high as holidays approach

  • Riska Rahman

    The Jakarta Post

Jakarta   /   Fri, December 18, 2020   /  08:37 pm
The Jakarta Post Image
The Indonesia Stock Exchange (IDX) logo is pictured at the bourse's building in Jakarta on March 13, 2020. (JP/Seto Wardhana)

Indonesian stocks will continue their northward rally next week and inch back to the pre-pandemic record high amid positive sentiment stemming from vaccine roll-outs and United States lawmakers’ efforts to reach a deal on a new stimulus package. Despite slightly weakening by 0.15 percent to 6,104.32 on Friday, the Jakarta Composite Index (JCI) had been hovering around 6,100 since Wednesday, a level unseen since Jan. 29 when the country had reported zero COVID-19 cases, supported by vaccine news and window dressing measures. However, the index still recorded a 3.1 percent loss throughout the year from the impact of the global market rout at the start of the pandemic in March and April. “We project the JCI to be well on its way to reach 6,250 to 6,300 anytime soon,” Henan Putihrai Sekuritas analyst Liza Camelia told The Jakarta Post via text message on Friday. The i...