REPUBLIKA.CO.ID, JAKARTA -- Indonesia's Stock Exchange index (IHSG) was up again on Monday at 5,403.27 points as foreign market players continued buying.
The IHSG was up 3.17 points or 0.06 percent to 5,403.27, while the index of the 45 most liquid stocks (LQ45) rose 1.01 or 0.11 percent up to 942.12.
"A strong capital inflow into our market has been one of the boosters that helped the BEI index to maintain it at a positive spot and move at a 5,400 level," analyst from Asjaya Indosurya Securities William Suryawijaya said.
According to him, the continuing inflow of foreign investment into the Indonesian capital market was also boosted by global stock exchanges whose majority shares were moving to the positive side, thereby giving investors opportunities to accumulate purchases.
"Technically, the IHSG index of the BEI is not seen as testing the floor level or as depression; the index shows the potential to rise and is projected to move between 5,310 and 5,444 during trading tomorrow (Tuesday, Feb 24)," he pointed out.
Based on the BEI's share trading data, foreign net buying reached Rp708.189 billion in early trading this week (Monday Feb 23).
HD Capital analyst Yagunar Wijanarko said further potential for the world crude oil price to drop is overshadowing market movement and so could trigger corrections.
"However, if corrections do happen, they could be seen as an opportunity for conducting accumulation especially for banking issuers with huge capitalization," he noted.
Transactions at the BEI were recorded at 237,895 times with the volume of shares traded reaching 3.95 billion worth Rp4.91 trillion.
Some 155 shares gained while 165 others lost and 88 others remained stagnant.
In the regional market, Hang Seng index rose 4.69 points or 0.02 percent to 24,836.76 while the Nikkei up 134.62 points or 0.73 percent to 18,466.92 and the Straits Times down 14.36 points or 0.42 percent to 3,421.30.
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