ID :
39299
Wed, 01/07/2009 - 16:12
Auther :
Shortlink :
https://www.oananews.org//node/39299
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BEI INDEX GAINS ON EXPECTATIONS OF BI RATE CUT
Jakarta, Jan. 7 (ANTARA) - The Composite Stock Price Index (IHSG) at the Indonesian Stock Exchange (BEI) opened 14.450 higher in the first minutes of the bourse's session on Wednesday morning.
The IHSG was at 1,449.99, or up 14.450 points and the LQ45 index strengthened 3.769 points to 294.12.
PT Trimegah Securities in its daily research analysis said the BEI index's surge had happened thanks to the positive sentiment following an indication that Bank Indonesia (BI, the central bank) might cut its key interest rate (BI Rate) to 9 percent, or down 25 basis points.
BI's Board of Governors was scheduled to hold a meeting on the BI key rate on Wednesday (Jan. 7).
The BI Rate was expected to be cut following the announcement of the Central Bureau of Statistics (BPS) on last Monday that in December 2008 the economy experienced a deflation of 0.004 percent.
However, Trimegah Securities warned that the overbought condition due to the BEI index gain of 7.9 percent earlier could pressure Jakarta stocks.
The BEI Index's surge was also boosted by an external factor from Wall Street's gain which was followed by share advances in regional bourses.
The Jakarta Stock movements were dominated by 43 shares that advanced, and only 4 which plunged, and 14 shares that remained static.
Among shares which gained in the BEI were Indofood Sukses Makmur shares that were up Rp30 to Rp1,050, Bank Negara Indonesia (BNI) which advanced Rp10 to Rp740, PGAS (State Gas Company) which went up to Rp1,940, International Nickel Indonesia mining company, that surged Rp150 to Rp2,375, and Bank Rakyat Indonesia (BRI) which rose Rp50 to Rp4,850.
Meanwhile, the rupiah strengthened against the US dollar in the Jakarta interbank spot market on Wednesday morning, following Finance Minister Sri Mulyani's announcement that the country's economic growth in 2008 was still above 6 percent.
The local currency was trading at Rp10,800/Rp10,900 per the US dollar, up 100 points from Rp10,900/Rp11,000 in the market's close a day earlier.
The IHSG was at 1,449.99, or up 14.450 points and the LQ45 index strengthened 3.769 points to 294.12.
PT Trimegah Securities in its daily research analysis said the BEI index's surge had happened thanks to the positive sentiment following an indication that Bank Indonesia (BI, the central bank) might cut its key interest rate (BI Rate) to 9 percent, or down 25 basis points.
BI's Board of Governors was scheduled to hold a meeting on the BI key rate on Wednesday (Jan. 7).
The BI Rate was expected to be cut following the announcement of the Central Bureau of Statistics (BPS) on last Monday that in December 2008 the economy experienced a deflation of 0.004 percent.
However, Trimegah Securities warned that the overbought condition due to the BEI index gain of 7.9 percent earlier could pressure Jakarta stocks.
The BEI Index's surge was also boosted by an external factor from Wall Street's gain which was followed by share advances in regional bourses.
The Jakarta Stock movements were dominated by 43 shares that advanced, and only 4 which plunged, and 14 shares that remained static.
Among shares which gained in the BEI were Indofood Sukses Makmur shares that were up Rp30 to Rp1,050, Bank Negara Indonesia (BNI) which advanced Rp10 to Rp740, PGAS (State Gas Company) which went up to Rp1,940, International Nickel Indonesia mining company, that surged Rp150 to Rp2,375, and Bank Rakyat Indonesia (BRI) which rose Rp50 to Rp4,850.
Meanwhile, the rupiah strengthened against the US dollar in the Jakarta interbank spot market on Wednesday morning, following Finance Minister Sri Mulyani's announcement that the country's economic growth in 2008 was still above 6 percent.
The local currency was trading at Rp10,800/Rp10,900 per the US dollar, up 100 points from Rp10,900/Rp11,000 in the market's close a day earlier.
