The Jakarta Composite Index (IHSG) closed up 2.66 percent at 5,250.90 points on Thursday, a gain of 135.86 points. The index opened at 5,119.53 and finished at its intraday high.
Investors were watching two developments that morning: the resignation of Vice President Gibran Rakabuming Raka and the results of an MSCI index review. Trading volume reached 392.52 million lots, worth 11.09 trillion rupiah.
Index review drives small-cap moves
MSCI removed Barito Pacific (BRPT) and Bumi Resources Minerals (BRMS) from its Global Standard index. BRMS moved to the Small Cap index instead.
Seven stocks, including AVIA, CTRA, MTEL, EMTK, JSMR, RAJA and WIFI, were dropped from MSCI Small Cap.
Sector gains led by energy
The energy sector gained 4.02 percent, the strongest of the day. Consumer cyclicals rose 2.26 percent and consumer non-cyclicals 2.12 percent.
Technology added 1.97 percent and financials 1.91 percent.
Dollar strength a lingering concern
The article notes that a stronger US dollar was feared to pressure the rupiah. Other agenda items that day included Japan’s producer inflation data and US weekly jobless claims.
Related: Jakarta stocks slip ahead of MSCI index review · Jakarta index falls to 5,100 as rupiah hits Rp18,175 per dollar
Source: MSCI
