Jakarta Index Opens Higher, Rupiah Gaining

Jakarta (Antara Bali) - The Jakarta composite index (JCI) opened slightly higher on Tuesday driven by positive Indonesian economic data, analysts said .

The index of the Indonesian Stock Exchange (BEI) rose 5.32 points or 0.10 percent  to 5,169.61 popints with index of 45 most liquid stocks up 0.15 percent to 892.03.

Asjaya Indosurya Securities' analyst William Suryawijaya said the market players considered the country's data on trade balance as positive .

The country's trade performance improved  with surplus recorded at US$23 million in October from a deficit of US$270.3 million in September and US$318 million in August.

The improvement in the trade performance drew foreign investment to the domestic market , William said.

The Central Bureau of Statistics released data on Monday with imports valued at US$15.35 billion  and imports at US$15.33 billion .

The trend could push up the JCI higher  with the improvement of the confidence of foreign investors  in the country's economy.

Regional markets such as  Hang Seng  and Nikkei declined in indices but  Straits Times recorded gain.

Meanwhile, in interbank transactions, rupiah gained over the US dollar  in the opening trade on Tuesday .

The currency traded at the level of 12,254 per dollar from earlier level of 12,280 per dollar.

Samuel Sekuritas' economist Rangga Cipta  said rupiah could continued to gain  on encouraging data of the country's economy.

Rangga said the country's inflation that rose to 6.23 percent  year-on-year  in November blocked the way for rupiah to rise higher.

However, the inflation  was already predicted after the government raised the subsidized oil fuel (BBM) prices.

Currently the market players are awaiting data of US construction spending which is expected to improve  that could  curb rupiah from rising higher.

PT Platon Niaga Berjangka's analyst Lukman Leong said Bank Indonesia is expected to continue to protect rupiah  and help keep its stable  amid expectation of improved condition of the US economy. (WDY)