Jakarta Composite Index climbs 0.47% to close at record high

04 Oktober, 2012 | Source: The Jakarta Globe

Stocks in Jakarta rose 0.47 percent on Thursday, with the benchmark index gaining 19.95 points to close at a record-high 4,271.46 as investors looked positively on US economic data released the day prior.



A total of 2.96 billion shares totaling just over Rp 3.70 trillion ($386 million) were traded on the Indonesia Stock Exchange on Thursday, according to Bloomberg data.

Alongside other regional markets that largely rose, the Jakarta Composite Index’s Thursday closing surpassed a previous high of 4,262.56 set on Sept. 28.

The miscellaneous sector led gains, rising 4.0 percent. The grouping includes Indonesia’s largest listed company, automotive distributor Astra International, which climbed 4.7 percent to close at Rp 7,750. Indomobil Sukses Internasional, the country’s second-largest auto distributor after Astra, gained 3.7 percent to Rp 3,550.

Basic industries stocks were up 0.9 percent as a sector, with Semen Gresik, the nation’s largest cement maker, rising 1.0 percent to Rp 14,800.

The consumer goods sector rose in line with the JCI, up 0.5 percent. Kalbe Farma, the country’s largest listed pharmaceutical company, saw its shares rise 2.7 percent to Rp 4,700. Fellow pharmaceutical manufacturer Indofarma rose 2.3 percent to Rp 220. Indonesia’s largest listed bread producer, Nippon Indosari Corpindo, climbed 4.4 percent to Rp 5,900.

Asian stocks broadly saw gains on Thursday, with a regional benchmark index heading for its highest close in a week, as reports on US jobs and service industries beat expectations, easing concern the world’s biggest economy is slowing. 

In the United States, the Institute for Supply Management released its services industry index on Wednesday, which showed the crucial sector picking up pace although hiring remained flat.

Separately, payrolls company ADP released a report showing private-sector hiring was better than expected in September, with 162,000 jobs added. Despite being down 14 percent from August the slowdown is less than expected.

US jobs data “was a little bit better than expectations and that’s positive,” said George Boubouras, Melbourne-based head of investment strategy at the Australian wealth-management unit of UBS AG.

Indonesia’s rupiah weakened 0.1 percent to 9,601 per dollar on Thursday, the biggest drop since Sept. 26, prices from local banks compiled by Bloomberg show.

 

President Joko Widodo (Jokowi) said Indonesia already enters years of low inflation, with inflation around 3 percent in the past two years.
President of the World Bank group, Jim Yong Kim, here on Tuesday expressed his support to the Indonesian governments plan on the tax reform program, which aimed to increase the state budgets income.
President Joko Widodo (Jokowi) plans to visit Turkey to develop partnership in strategic industry and economy with the country, Foreign minister Retno Marsudi said here on Monday at the state palace after a meeting prior to the presidents visit to Turkey and Germany.
Indonesian Foreign Minister Retno Marsudi and her Maldivian counterpart Mohamed Asim will hold a bilateral meeting in Jakarta on Wednesday (June 21) to discuss the cooperation in tourism sector.
The United Nations Food and Agriculture Organization (FAO) has praised Indonesia for its role in fighting illegal, unreported, unregulated (IUU) fishing, the Indonesian Embassy in Rome said.
Indonesias real GDP growth is projected to increase from 5.2 percent this year to 5.3 percent in 2018, according to the World Banks June 2017 Indonesia Economic Quarterly.
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