JCI strengthens as Constitutional Court's decision awaited

JCI strengthens as Constitutional Court's decision awaited

Several employees and businesspersons closely monitor the movements of the Composite Stock Price Index (CSPI) on the Indonesia Stock Exchange, Jakarta (ANTARA photo / Sigid Kurniawan / kye)

Jakarta (ANTARA) - The Composite Stock Price Index at the Jakarta Stock Exchange closed higher on Thursday in waiting for a ruling by the Constitutional Court (MK) on the presidential election dispute whose trial is ongoing today.

The Jakarta Composite Index (JCI) closed 0.67 percent higher, or up 42.22 points, to 6,352.71, while the index of the 45 leading stocks, or LQ45, rose 10.24 points, or 1.02 percent, to 1,011.38.

Analyst from Bina Artha Sekuritas M. Nafan Aji Gusta remarked in Jakarta on Thursday that the market had, until now, responded favorably prior to the announcement of the MK's decision.

"Market participants praise the role of the government in maintaining political security and stability, thereby ensuring the ongoing national development process," Gusta stated.

Apart from political security and macroeconomic stability, which are positive sentiments from the domestic front, market players are enthusiastic whilst awaiting a dialog on trade negotiations between US President Donald Trump and Chinese President Xi Jinping at the G-20 Summit in Osaka, Japan, to reach a trade agreement.

Opening higher, the JCI was comfortable in the green zone until the closing of the stock exchange.

The closing of the JCI was accompanied by a sell-off of shares by foreign investors as was apparent by the amount of net foreign selling of Rp50.41 billion.

A total of 516,468 stock trading transactions were recorded, with 39.56 billion shares, worth Rp9.1 trillion, traded. As many as 231 shares rose, 196 shares declined, while the value of 134 shares remained unchanged.

In the meantime, regional exchanges including the Nikkei Index climbed 251.58 points, or 1.19 percent, to 21,338.17; the Hang Seng Index increased 399.44 points, or 1.42 percent, to 28,621.42; while the Straits Times Index rose 27.35 points, or 0.83 percent, to 3,328.6.