Precise Investors

Sunday, January 29, 2023
Stocks & Shares

Indonesia stock market closes higher

Indonesia stock market

The Jakarta Composite Index finished slightly higher after gains from the financial shares, resource stocks and cement companies

The Indonesia stock market has closed higher in three sessions in a row, advancing nearly 90 points or 1.4 percent along the way. The Jakarta Composite Index (JCI) is just below the 5,850-point level and it’s expected to open higher again on Monday.

The global forecast for the Asian markets is positive on easing inflation concerns. The European and U.S. markets were up and the Asian markets are tipped to follow suit.

The JCI finished slightly higher on Friday after gains from the financial shares, resource stocks and cement companies.

The index added 6.79 points or 0.12 percent to end at 5,848.62 after trading between 5,833.34 and 5,891.47.

Among the actives, Bank Danamon Indonesia dropped 0.85 percent, Indofood Suskes lost 0.40 percent, Energi Mega Persada dropped 0.95 percent, Astra Agro Lestari shed 0.57 percent, while Bank CIMB Niaga collected 0.52 percent, Bank Negara Indonesia improved 0.97 percent, Bank Central Asia perked 1.12 percent, Bank Mandiri gained 0.87 percent, Bank Rakyat Indonesia rallied 3.04 percent, Indosat advanced 0.81 percent.

The lead from Wall Street is cautiously optimistic as the major averages opened higher on Friday, faded as the day progressed but still finished slightly in the green.

The Dow gained 64.81 points or 0.19 percent to close at 34,529.45, while the NASDAQ added 12.46 points or 0.09 percent to close at 13,748.74 and the S&P 500 advanced 3.23 points or 0.08 percent to end at 4,204.11.

The strength on Wall Street came as the inflation reading preferred by the Federal Reserve showed acceleration in the pace of price growth but not as much as traders had feared.

While the rise in prices exceeded estimates, the jump was not so severe as to raise concerns about the Federal Reserve tightening monetary policy.


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