RI stock market closes year on high note

JAKARTA. The Indonesian stock market closed the year on a high note on Tuesday, with the main price index finishing up more than 20 percent, among the highest of its peers in Asia.

The Jakarta Composite Index (JCI) — the main price barometer on the Indonesia Stock Exchange (IDX) rose nearly 1 percent to end the day at 5,226.95, or a 22.209 percent increase from the level recorded at the end of 2013.

This year’s achievement was in a stark contrast to the previous year, when the market ended 2013 slightly down with the local market severely affected by the US Federal Reserve’s seeming plan to end its financial stimulus operation, which triggered capital outflows from emerging markets.

IDX president director Ito Warsito said the growth reflected investors’ optimism about the country’s economy despite political uncertainty during the elections in the middle of the year.

“This year we saw both the price index and foreign purchases hit record highs. The index is also among the top performers in the region,” he said after a ceremony to mark the end of this years’ trading, which was also attended by Vice President Jusuf Kalla and Coordinating Economic Minister Sofyan Djalil.

The JCI hit a record high at 5,246 on Sept. 8 on strong confidence that the newly elected President Joko “Jokowi” Widodo would be able to boost the country’s economy. (Anggi M. Lubis)