JCI ends week higher amid trade war sentiment

JCI ends week higher amid trade war sentiment

Jakarta (ANTARA) - The composite stock price index (IHSG) of the Indonesia Stock Exchange (IDX) at the end of the week closed higher in the midst of the sentiment of trade war between the United States and China.

The Jakarta Composite Index (JCI) closed at 10.31 points, or 0.17 percent, to 6,209.12 on Friday, while the 45 leading stocks, or the LQ45 index, inched up 1.24 points, or 0.13 percent, to 972.99.

Panin Sekuritas analyst William Hartanto noted on Friday that despite the United States having raised the import tariffs to 25 percent, from 10 percent, on US$200 billion of Chinese goods this Friday, the domestic stock market remained comparatively well-maintained, given the sentiment of trade war long before.

"Since the Indonesian economy has remained stable at some five percent, the JCI is better maintained in comparison with the Asian markets. Today, its position strengthened in a bid to guard level 6,200 to become the weekly support for the JCI," Hartanto remarked.

Opening higher, the JCI fluctuated to ultimately regain strength at the close of the stock exchange.

The closing of the JCI was accompanied by a sell-off of shares by foreign investors as was apparent from the amount of net foreign sell reaching Rp897.55 billion.

The frequency of stock trading was recorded at 420,358 transactions, with 12.34 billion shares worth Rp7.85 trillion traded. Nearly 213 shares edged up, 183 shares plummeted, and 131 shares remained unchanged in value.

In the meantime, regional exchanges, including the Nikkei index, dropped 57.21 points, or 0.27 percent, to 21,344.92; and the Hang Seng index increased 239.17 points, or 0.84 percent, to 28,550.24.