Stocks Open Mixed After Record High as Investors Eye “Purbaya Effect”
Jakarta. Indonesia’s benchmark stock index opened slightly higher on Friday before slipping into mixed territory, following a record-breaking close the previous day.
The Jakarta Composite Index (JCI) gained 8.13 points, or 0.1 percent, to start at 8,259.07, but later fluctuated within the 8,212–8,259 range.
RTI data showed that around 998.97 million shares changed hands early in the session, with a total transaction value of Rp 821.66 billion ($50 million) across 83,217 trades. Among top gainers, Nusatama Berkah (NTBK) jumped 34.55 percent to Rp 148, Perintis Triniti Properti (TRIN) surged 24.75 percent to Rp 252, and Diamond Citra Prospertindo (DADA) climbed 28.09 percent to Rp 228.
BRI Danareksa Sekuritas noted that Thursday’s rally was largely driven by a strong rebound in banking stocks, even as foreign investors booked a net sell of Rp 1.48 trillion. The firm said the market would likely watch for developments around the so-called “Purbaya Effect” and the ongoing discussion in parliament over a proposed free-float regulation.
Finance Minister Purbaya Yudhi Sadewa, who earlier expressed confidence in the market’s outlook, said the JCI’s recent rally reflects improving economic fundamentals. “I think the JCI will keep rising, maybe in 10 years, as I said, in short, JCI to the moon,” Purbaya said at the Indonesia Stock Exchange (IDX) on Thursday.
The JCI on Thursday closed at a new all-time high, gaining 84.91 points, or 1.04 percent.
Wall Street, meanwhile, took a breather on Thursday after a strong rally in recent weeks. The S&P 500 slipped 0.3 percent from its latest all-time high, marking just its second loss in the past 10 days, while the Dow Jones Industrial Average fell 243 points, or 0.5 percent, and the Nasdaq Composite edged down 0.1 percent.
Financial markets in the US have been climbing rapidly, with the S&P 500 up about 35 percent since April, sparking concerns that valuations may have become overheated, particularly among artificial intelligence-related stocks.
Across Asia, markets opened mostly lower on Friday, tracking Wall Street’s losses. Japan’s Nikkei edged down 0.14 percent to 48,510, Hong Kong’s Hang Seng dropped 0.85 percent to 26,523, and the Shanghai Composite slipped 0.44 percent to 3,914. South Korea’s KOSPI, however, bucked the trend, rising 1.3 percent to 3,598.
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