From Wall Street to Jakarta: Stocks Kick Off the Week Up 1 Percent
Jakarta. Indonesian stocks opened sharply higher on Monday, tracking broad gains across Asian markets after Wall Street closed out a winning week.
The benchmark Jakarta Composite Index (JCI) soared 72.79 points, or 0.92 percent, to 7,988 at the opening bell. The index moved within a range of 7,983–8,001 in early trade.
More than 1.02 billion shares changed hands with a total transaction value of Rp 741.15 billion ($44.71 million) across 77,605 deals. Market breadth showed 306 stocks advancing, 123 declining, and 192 flat.
CGS International Sekuritas Indonesia noted that persistent foreign selling, weakness in conglomerate stocks, and lower commodity prices could weigh on the index’s performance later in the session.
Wall Street ended higher on Friday as US banks rebounded from recent losses. The S&P 500 gained 0.5 percent to 6,664, while the Dow Jones Industrial Average rose 238 points to 46,190, and the Nasdaq composite climbed 0.5 percent to 22,679.
Investor sentiment improved after US President Donald Trump signaled that the planned 100 percent tariff hike on Chinese imports, previously expected in early November, was “unsustainable,” easing concerns over trade tensions between the world’s two largest economies.
Following Wall Street’s lead, Asian markets opened in the green. Japan’s Nikkei surged 1.55 percent to 48,332, South Korea’s KOSPI gained 0.71 percent to 3,775, Hong Kong’s Hang Seng Index jumped 2.4 percent to 25,884, and Shanghai’s SSE rose 0.67 percent to 3,865.
On the domestic front, the Indonesia Stock Exchange (IDX) suspended trading of Estee Gold Feet (EURO) shares on Monday morning following a significant cumulative price surge. EURO stock jumped 9.63 percent in its last session, gaining 89.72 percent over the past month and 373.45 percent year-to-date.
On the side note, the IDX lifted trading suspensions on five listed companies, Fuji Finance Indonesia (FUJI), RMK Energy (RMKE), Boston Furniture Industries (SOFA), Royaltama Mulia Kontraktorindo (RMKO), and Green Power Group (LABA), allowing investors to resume transactions on the regular and cash markets starting Monday.
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