JAKARTA (TheInsiderStories) – The Jakarta Composite Index (JCI) hit a new record to 6025.434 on closing today (25/10), a 1.23 per cent (73.35 point) higher over the previous close, driven by energy and financial sector.
The global forecast for the Asian markets is firm, thanks to solid earnings news and support from crude oil prices. The European and U.S. markets were also up.
The lead from Wall Street is positive as stocks continued to surge Tuesday, touching fresh record closing highs. The Dow rose 167.80 points, or 0.72 percent, to 23,447, while the NASDAQ added 11.60 points or 0.18 percent to 6598.43 and the S&P 500 gained 4.15 points or 0.16 percent to 2,569.13.
Investors have been in a chipper mood thanks to low interest rates and promises of U.S. tax reform from the Trump administration. Crude oil futures rose further Tuesday after Saudi Arabia signalled its determination to end the global supply glut. December WTI oil gained 57 cents or 1.1 percent to US$52.47 a barrel.
Finance Minister Sri Mulyani Indrawati asses the JCI new record was supported by good corporate performance in the third quarter and positive perceptions of government efforts to reduce bureaucracy and improve various regulations. She believed if all stakeholders keep the momentum JCI will go further.
Meanwhile, JCI rallies have led to market capitalization passing Rp6602.76 trillion (US$489.09) from the beginning of this week. JCI market capitalisation popped 0.12 per cent to Rp6518.07 trillion versus Rp6509.77 trillion last week.
Average daily transaction value rose 33.33 per cent to Rp9.28 trillion, over the last week, compared to Rp6.96 trillion the previous seven days.
Average volume transaction also rose by 12.26 percent to 10.25 billion share units, compared to 9.13 billion share units the previous week. Average transaction frequency rose 14.33 percent to 329.47 thousand times from 288.15 thousand.
Writing by Yosi Winosa, Email: firstname.lastname@example.org