JCI closes stronger on Friday ahead of next week's domestic data release
The Indonesia Composite Index (JCI) of the Indonesia Stock Exchange (IDX) closed stronger on Friday afternoon, ahead of the release of several important domestic economic data points that market participants will closely monitor next week.
The JCI closed Friday afternoon up 27.39 points, or 0.46 per cent, to the 6,036.89 level. The LQ45 index, comprising 45 blue-chip stocks, also strengthened, rising 3.08 points or 0.52 per cent to 595.46.
Ratna Lim, Head of Research at Phintraco Sekuritas, noted in her analysis in Jakarta on Friday that the JCI has tended to move in consolidation around the 6,000 level. She predicted that the JCI has the potential to move sideways with an upward bias within the 6,000-6,200 range next week.
Key domestic data scheduled for release includes foreign exchange reserves on Wednesday (7/10), the consumer confidence index on Thursday (8/10), as well as retail sales and automotive sales on Friday (9/10).
Externally, Asian regional markets moved mixed and tended to weaken as market participants continued to monitor geopolitical developments. Globally, the United States is considering deploying aircraft carriers and additional troops to the Middle East, which could potentially escalate conflict with Iran and cause further disruptions to regional energy supplies.
Maximilianus Nico Demus, Associate Director of Research and Investment, noted in his analysis that the market views the US plan as a trigger for concerns regarding a potential escalation of war with Iran and further disruptions to regional energy supplies. This condition could potentially drive up oil prices amid fears of US-Iran conflict escalation, thereby increasing inflationary pressures.
The JCI initially closed down 0.32 per cent during the first session before reversing to gain strength in the second session.
According to the IDX-IC Sectoral Index, eight sectors experienced gains, led by the technology sector with a 1.51 per cent increase, followed by energy at 1.12 per cent. Other gaining sectors included consumer staples (0.67 per cent), basic materials (0.47 per cent), property (0.4 per cent), healthcare (0.2 per cent), and finance (0.2 per cent).
Conversely, three sectors experienced declines, namely transportation and logistics (1.38 per cent), infrastructure (0.9 per cent), and consumer non-cyclicals (0.07 per cent).
The five stocks with the largest price increases were BLTZ, BSWD, ROCK, MBSS, and STAR, while the largest decliners were ALKA, XBID, CCSI, HOPE, and FORU.
At Friday’s close, trading volume was recorded at 120.6 billion shares with a transaction value of Rp12.24 trillion and a frequency of 1.614 million times. A total of 332 stocks strengthened, 357 stocks weakened, and 274 stocks remained stagnant.
Regional Asian markets moved variably this afternoon, with the Nikkei, Hang Seng, and Straits Times indices declining by 0.87 per cent, 2.60 per cent, and 0.58 per cent, respectively. Meanwhile, the KOSPI index strengthened by 0.46 per cent.