Jakarta (Antara Bali) - The Jakarta Composite Index (JCI) of the Indonesia Stock Exchange opened 15.23 points higher, or a 0.27 percent increase, to reach 5,583.34 points on Monday.
On Monday, the 45 big-cap stocks also moved up 3.82 points, or 0.42 percent, to reach 925.35 points.
Vice President Research and Analysis at the Valbury Asia Securities Nico Omer Jonckheere stated here on Monday that the hike is the result of market optimism towards a conducive domestic economy.
"The market will react to inflation data this weekend, of which the year-on-year inflation for March is forecast to be lower than the earlier months," he noted.
Jonckheere added that the real inflation in March, which was lower than the previous months, has become one of the indications that the Indonesian economy is conducive.
However, Jonckheere noted that the positive domestic sentiment is considerably low because of the company's profit report for 2016 and the end of the tax amnesty program; thus, the market will focus on the external situation.
"One of the current focuses of the global market this week is the meeting between Chinese President Xi Jinping and US President Donald Trump during which trade will be the main agenda to be discussed," he revealed.
Accordingly, Indosurya Asjaya Securities' analyst William Surya Wijaya said the trend of buying by foreign investors might be an opportunity for the JCI to sustain the bullish trend.
"If correction occurs, it can be viewed as an opportunity for buying and consolidating, based on the fact that the technical indicators suggest the JCI is still on a rising trend," he revealed.
The rise in the market also influenced some regional indexes, including Hang Seng, 122.97 points (0.51 percent) to reach 24,234.56; Nikkei, 76.44 points (0.51 percent) to reach 18,985.70; and Straits Times, 9.72 points (0.30 percent) to 3,183.90. (WDY)
