JCI, rupiah rebound after Trump victory

Prima Wirayani

The Jakarta Post – Jakarta.

The Jakarta Composite Index (JCI) saw a rebound in the second trading session on Wednesday, halving its loss recorded during the morning session, following the victory of Republican Party candidate Donald Trump in the US presidential election.

The index, which is benchmark for the Indonesian Stock Exchange (IDX), closed the day at 5,414 points, depreciated by 1.03 percent from its close on Tuesday.

(Read also: JCI plunges amid imminent Trump victory)

It has plunged by more than 2 percent when the first trading session ended amid global market nervousness following the anticipated victory of Trump, who has been campaigning on protectionist policies.

Infrastructure stocks booked the steepest declines at 2.2 percent, followed by those of financial institutions and miscellaneous industries as the trading day ended.

Meanwhile, the rupiah value against the US dollar also rebounded and closed the day at Rp 13,127 per dollar, down by 0.33 percent from the previous day. The currency had been down as much as 1.27 percent in the afternoon.

“Yes, the market will fall and is falling, but the stock market will rebound with trading opportunities abounding,” Bahana Securities research head Harry Su wrote in a text message.

Trump won the election after securing 276 electoral votes, defeating his competitor Hillary Clinton, who garnered 218 votes. (hwa)