JCI Back to Green Zone, Airlangga Says It is Driven by Foreign Fund Flows

JAKARTA - The Composite Stock Price Index (JCI) again moved in the positive zone, namely until the closing of the I trading session on Tuesday, February 3, recorded an increase of 1.57 percent to the level of 8,047.22.

Coordinating Minister for the Economy Airlangga Hartarto said that the strengthening of the JCI was driven by the return of foreign funds flowing into the domestic stock market.

"If yesterday we saw more than Rp600 billion (billion) it was a net foreign inflow. So the last 2 weeks were net outflow but yesterday was a net inflow and this morning entered the green lane," he told the media, Tuesday, February 3.

He added, investors are expected to remain calm and wait for the selection process for the Board of Directors of the Indonesia Stock Exchange (IDX) and the leadership of the Financial Services Authority (OJK).

"Yes, we just wait, it's normalization. Normalization rather than portfolio," he said.

When asked about the possibility of a previous decline in the JCI which was associated with a change of directors at the OJK, Airlangga was reluctant to comment.

Meanwhile, regarding the projection of the JCI movement in the next trade, he emphasized that he did not want to speculate.

"Wah this is not a stock forecaster, we are just fundamental," he said.

Regarding the formation of a selection committee to select the definitive head of OJK, Airlangga explained that the process was being carried out by the Minister of Finance in accordance with the provisions of the legislation.

"It is in the process because of course based on the law, the Minister of Finance is forming Pansel," he said.