JCI Soars Today, Here Are the Triggers

The Indonesian stock market regained momentum during the first trading session this morning. The Jakarta Composite Index (JCI) managed to breach the psychological level of 6,400 after struggling to break through it in recent trading sessions. According to data from the Indonesia Stock Exchange (IDX), at the end of the first session, the JCI strengthened by 95.68 points, or 1.51%, to 6,430.15. Throughout the morning trade, the index moved in the range of 6,338.24 to 6,437.20, recording an intraday high above 6,400. Trading activity also increased, with transaction value reaching Rp 11.90 trillion on volume of 34.81 billion shares traded across 1.75 million transactions. MNC Sekuritas analyst Herditya stated that the JCI’s strengthening today was driven by conglomerate companies and energy issuers, triggered by global oil price sentiment. “The JCI’s strengthening today is estimated to be driven by gains in conglomerate issuers and energy and gold commodity issuers, where there has been an increase in crude oil and gold prices amid the reheating of the Middle East conflict,” he said. Additionally, the stabilisation of the rupiah exchange rate provided further support. Doo Financial Futures analyst Lukman Leong echoed this, noting that the JCI was boosted by the mining sector. “The valuation of JCI stocks at current levels is indeed very attractive, especially today with the energy sector supported by rising global crude oil prices and the property sector responding positively to Bank Indonesia’s move to hold interest rates,” he concluded. The IDX market capitalisation also increased to Rp 11,286 trillion, up nearly Rp 200 trillion from the previous close of Rp 11,096 trillion. The JCI’s rise was supported by a rally in commodity, technology, and banking stocks. By sector, property led gains with a 6.12% increase, followed by energy at 3.21%, utilities at 2.91%, and basic materials at 2.86%. The healthcare sector was the only one in the red, slipping 0.27%. PT Bumi Resources Tbk (BUMI) was the largest contributor to the JCI’s gain, adding 9.56 points, followed by PT Maha Properti Indonesia Tbk (MPRO), PT Amman Mineral Internasional Tbk (AMMN), PT Bumi Resources Minerals Tbk (BRMS), PT Petrindo Jaya Kreasi Tbk (CUAN), PT Multipolar Technology Tbk (MLPT), and PT Barito Renewables Energy Tbk (BREN). Meanwhile, pressure on the index came from PT Bank Central Asia Tbk (BBCA), which shaved 4.41 points off the JCI, along with PT Astra International Tbk (ASII), PT Telkom Indonesia (Persero) Tbk (TLKM), PT MNC Digital Entertainment Tbk (MSIN), and PT Bank Negara Indonesia (Persero) Tbk (BBNI).