The Jakarta Composite Index reached a record high on Wednesday, breaking new ground as high expectations of revenue growth and faith in Indonesia’s economic fundamentals helped attract significant capital inflows.
“Global investors saw very good prospects in the shares on the JCI, along with stable economic fundamentals, manageable inflation and potential growth throughout the year. These give Indonesia an appealing investment climate,” said Akhmad Nurcahyadi, an equity analyst at BNI Securities.
The JCI rose 62.11 points, or 1.7 percent, to close at Rp 3,794.76. About 5.9 billion shares worth Rp 5.9 trillion ($684.4 million) changed hands. Gainers beat decliners 148 to 68.
Astra Agro Lestari, the nation’s largest listed plantation company, rose 1.8 percent to Rp 22,950. Palm oil futures gained for a third day, adding 1.1 percent to 3,290 ringgit ($1,091) per ton in Kuala Lumpur.
Astra International, Indonesia’s largest automotive retailer, gained 2.8 percent to Rp 55,150. Astra spokesman Mulawarman said on Wednesday that the company plans to increase its annual capacity by 33 percent to 200,000 vehicles.
Media Nusantara Citra rose 10 percent to Rp 880 after MNC president director Hary Tanoesoedibjo said that the media group expected revenue to rise 65 percent this year to Rp 8 trillion, bolstered by an increase in television advertising.
Bank Rakyat Indonesia, the nation’s second-biggest bank by assets, gained 5.6 percent to Rp 6,600. BRI president director Sofyan Basir said on Wednesday that the bank’s lending may have grown as much as 22 percent in the first quarter.
International Nickel Indonesia, the nation’s biggest producer of the metal, rose 2.1 percent to close at Rp 4,900. Nickel gained 1.9 percent to $25,780 per ton as the market opened on the London Metal Exchange.
The rupiah strengthened 0.3 percent to 8,648 against the US dollar as of the market’s close on Wednesday, from 8,677 on Tuesday.
An increase in US housing construction suggested the global economic recovery was on track, improving investor appetite for emerging-market assets. Official data showed housing starts in the world’s largest economy rose 7.2 percent in March from the previous month.
“Positive data from the US lifted risk sentiment in markets across Asia, including Indonesia,” said Gundy Cahyadi, an economist at Oversea-Chinese Banking Corp. “Investors have put aside Standard & Poor’s negative outlook on the US. It does suggest there’s a lot of room for volatility.”
“Global investors saw very good prospects in the shares on the JCI, along with stable economic fundamentals, manageable inflation and potential growth throughout the year. These give Indonesia an appealing investment climate,” said Akhmad Nurcahyadi, an equity analyst at BNI Securities.
The JCI rose 62.11 points, or 1.7 percent, to close at Rp 3,794.76. About 5.9 billion shares worth Rp 5.9 trillion ($684.4 million) changed hands. Gainers beat decliners 148 to 68.
Astra Agro Lestari, the nation’s largest listed plantation company, rose 1.8 percent to Rp 22,950. Palm oil futures gained for a third day, adding 1.1 percent to 3,290 ringgit ($1,091) per ton in Kuala Lumpur.
Astra International, Indonesia’s largest automotive retailer, gained 2.8 percent to Rp 55,150. Astra spokesman Mulawarman said on Wednesday that the company plans to increase its annual capacity by 33 percent to 200,000 vehicles.
Media Nusantara Citra rose 10 percent to Rp 880 after MNC president director Hary Tanoesoedibjo said that the media group expected revenue to rise 65 percent this year to Rp 8 trillion, bolstered by an increase in television advertising.
Bank Rakyat Indonesia, the nation’s second-biggest bank by assets, gained 5.6 percent to Rp 6,600. BRI president director Sofyan Basir said on Wednesday that the bank’s lending may have grown as much as 22 percent in the first quarter.
International Nickel Indonesia, the nation’s biggest producer of the metal, rose 2.1 percent to close at Rp 4,900. Nickel gained 1.9 percent to $25,780 per ton as the market opened on the London Metal Exchange.
The rupiah strengthened 0.3 percent to 8,648 against the US dollar as of the market’s close on Wednesday, from 8,677 on Tuesday.
An increase in US housing construction suggested the global economic recovery was on track, improving investor appetite for emerging-market assets. Official data showed housing starts in the world’s largest economy rose 7.2 percent in March from the previous month.
“Positive data from the US lifted risk sentiment in markets across Asia, including Indonesia,” said Gundy Cahyadi, an economist at Oversea-Chinese Banking Corp. “Investors have put aside Standard & Poor’s negative outlook on the US. It does suggest there’s a lot of room for volatility.”
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