JCI Rises 10.19 Percent, The Biggest Daily Gain In The Last 20 Years

Indonesia Stock Exchange Building. (Angga Nugraha / VOI)

JAKARTA - The Composite Stock Price Index (IHSG) managed to sharply strengthen up to 10.19 percent at the close of trading today. The JCI on Thursday 26 March closed up 401.27 points to 4,338.90.

At the close of trading, there were 300 stocks that strengthened so that the JCI was willing to fly high today. There were only 129 stocks that fell, and 115 stocks were stagnant today.

The trading volume was recorded at 11.42 billion shares, and transactions were worth IDR 12.53 trillion.

Binaartha Sekuritas analyst, M. Nafan Aji Gustama said, JCI has managed to score the biggest daily increase in the last 20 years. According to him, the market really appreciates the statement from Bank Indonesia (BI).

"BI is strongly committed to maintaining rupiah stability supported by adequate foreign exchange reserves," Nafan said to VOI.

He added that the market also appreciated the US government's US $ 2 trillion stimulus program in order to overcome the negative effects of COVID-19 on the US economy.

"The market also appreciates China's strong commitment to fighting the COVID-19 outbreak by means of a lockdown which is considered successful in reducing the number of cases of transmission of the virus," Nafan explained.

Governor of Bank Indonesia Perry Warjiyo said that the strengthening of the JCI was very significant after the last 2 weeks of deep pressure.

"A lot of stocks today are in green color, which means there is an improvement and a price increase. This shows that the global panic has eased and we are not separated from world financial markets," Perry said in a video conference.

Perry said there were positive developments in various developed countries regarding the handling of the COVID-19 pandemic. One of the sentiments that positively influenced global financial markets was the US $ 2 trillion stimulus.

"Of the 2 trillion US dollars allocated 100 billion US dollars for health and 350 billion US dollars for MSMEs, 250 billion US dollars for labor and 500 billion US dollars for business, in addition to the allocation of social assistance in the US. approved fiscal 10 percent of GDP which is equivalent to 860 billion US dollars, "said Perry.