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INDONESIA - Composite Stock Price Index (CSPI) closed green on Friday (05/11/2018). However, the rupiah is still stuck above Rp 14,000 per US dollar, although slightly strengthened compared to Wednesday's close (9/5/2018).
Illustration of stock price movements
Citing Bloomberg data, JCI ended with a 0.83 percent increase compared to the end of trading Wednesday, to a level of 5,956.83.
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As for RTI data, 251 shares rose, 128 stocks fell, and 114 shares stagnated. Today's trading involves 8.89 billion lots of shares with transaction value reaching Rp 9.29 trillion.
Seven out of 10 sector indices support the strengthening of JCI. The basic industrial sector rose the most, at 2.56 percent. The agricultural sector is still deepest in Friday's trading, which is 1.19 percent.
Nevertheless, foreign investors still recorded a selling action, with foreign net sell value of Rp 138.77 billion with total transaction value of Rp 434 billion.
Rupiah
Meanwhile, the rupiah also closed higher in the spot market on Friday. The rupiah exchange rate traded higher especially in the wake of the close of trade.
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Rally throughout the afternoon brings the rupiah to the level of Rp 13,960 per US dollar, up 124 points compared to Wednesday's close or 68 points higher than when the market opened at Rp 14.028 per US dollar.
It is expected that the strengthening of the rupiah is a market response to the possibility of Bank Indonesia raising the benchmark interest rate.
On Friday afternoon, through a press release, the Governor of Bank Indonesia, Agus DW Martowardojo, said that the current rupiah exchange rate is not in line with Indonesia's economic fundamentals.
Therefore, open space for Bank Indonesia to raise BI Rate 7 Day Repo Rate in order to maintain the stability of the exchange rate.
During this week, only on Friday the rupiah can be perched below Rp 14,000 per US dollar.
The Jakarta Interbank Spot Dollar (Jisdor) on Friday placed the rupiah at Rp 14,048 per US dollar, up 28 points compared to Wednesday's close of Rp 14,074 per US dollar.
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