IHSG opens higher on Friday, up 14.77 points to 5,265

Jakarta (ANTARA) - The Jakarta Composite Index (IHSG) on the Indonesia Stock Exchange (BEI) opened higher on Friday morning, gaining 14.77 points, or 0.28 percent, to 5,265.67.

Meanwhile, the LQ45 index of 45 blue-chip stocks rose 1.31 points, or 0.24 percent, to 544.37.

The gain extends Thursday’s rally, when the IHSG closed 135.87 points, or 2.66 percent, higher at 5,250.90. It followed Wednesday’s close of 5,115.03 amid anticipation of MSCI’s index review.

All sectors ended in positive territory, led by industry at 4.53 percent, with 560 stocks rising against 147 declining. Thursday’s trading value reached Rp11.98 trillion.

Phintraco Sekuritas research head Ratna Lim said the market reacted positively to Vice President Gibran Rakabuming Raka’s resignation, as reported on Thursday, which eased concerns over domestic political tension. A guaranteed rice supply of 4.5 million tons before year-end also calmed investor worries about food prices amid El Nino.

Headwinds remain, however. The rupiah weakened 0.26 percent to Rp18,216 per US dollar, near its record low of Rp18,279, pressured by a stronger dollar on expectations of a Fed rate hike in December ahead, domestic politics, and fears of further foreign capital outflows.

MSCI’s November review also removed several Indonesian stocks from its Global Standard and Global Small Cap indices.

CORE economist Yusuf Rendy Manilet earlier on Thursday said macroeconomic stability can be maintained if the resignation process proceeds in an orderly and constitutional manner, with any pressure likely limited to the first few weeks.

Ratna Lim said that if the IHSG holds above 5,200, it could test resistance in the 5,280-5,320 range in Friday’s trading.

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Translator: M Heriyanto, Fauzul Azhim Bin Fakhrurazi
Editor: Primayanti
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