JCI Opens Higher on Wall Street Gains, Gold Price Rally
Jakarta. Jakarta Composite Index (JCI) opened higher on Wednesday morning, gaining 26 points or 0.31 percent to 8,392.
The benchmark index moved within a range of 8,377–8,398 in early trade, with 9.8 billion shares exchanged, a turnover of Rp 3.8 trillion ($227 million), and a trading frequency of 495 thousand transactions. During the first 20 minutes, 267 stocks rose, 247 declined, and 176 remained unchanged.
According to CGS International Sekuritas Indonesia, the positive momentum from Wall Street’s gains and rising gold prices is likely to lift sentiment in the local market. However, the start of foreign investor selling could act as a counterweight to the index’s movement.
CGS International also noted an ongoing sector rotation, with investors shifting from AI-related technology stocks to cheaper-valued shares, which has been a key factor shaping recent market dynamics.
Overnight, US stocks closed mostly higher, rebounding from last week’s slump.
The Dow Jones Industrial Average surged 559 points, or 1.2 percent, to a new record high, while the S&P 500 added 0.2 percent, trimming its morning losses. The Nasdaq composite, however, slipped 0.3 percent as Nvidia continued to decline amid concerns over pricey AI-linked shares.
Japanese conglomerate SoftBank revealed it had sold its $5.83 billion stake in Nvidia last month but reaffirmed its focus on OpenAI, the maker of ChatGPT.
In Asia, markets opened mixed on Wednesday.
Japan’s Nikkei rose 146 points or 0.28 percent, while South Korea’s Kospi slipped 0.21 percent before rebounding into positive territory. Hong Kong’s Hang Seng climbed 58 points or 0.21 percent, but China’s Shanghai Composite Index edged down 6 points or 0.15 percent.
Back in Jakarta, the Indonesia Stock Exchange (IDX) has temporarily suspended trading of Magna Investama Mandiri (MGNA) and Lotte Chemical Titan (FPNI) shares after both surged 139 percent and 238.62 percent, respectively over the past month. The cooling-down measure aims to protect investors amid excessive price movements.
Moreover, Kobexindo Tractors (KOBX) and Anugerah Spareparts Sejahtera (AEGS) have been placed under Unusual Market Activity (UMA) watch after recording abnormal price increases of 60.26 percent and 95.74 percent within a month. The bourse urged investors to monitor issuer responses to IDX inquiries and assess company performance and information disclosures carefully.
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