Positive Impact Wall Street on Indonesia's Stock Index (IHSG)
For the third day in a row, Indonesia's main stock index (IHSG) made a strong upward jump on Friday (28/06). Supported by strong American and European stock indices on the previous trading day, the IHSG rose 3.06 percent to 4,818.90 points. American and European indices mostly rose on Thursday (27/06) due to various positive macroeconomic data from the USA. These economic data translated into the good performance of the IHSG and other Asian stock indices on Friday. All sectoral indices of the IHSG were reported to have grown.
Semen Baturaja (SMBR), a state-controlled cement producer, was listed on the Indonesia Stock Exchange (IDX) today. The company, which offered 23.76 percent of its shares to the public, rose 1.79 percent to 570 points on its first trading day, significantly lower than the performance of the IHSG.
Indices on Wall Street were mixed as investors took some time off to evaluate statements of central bankers and macroeconomic figures. The Dow Jones index fell 0.8 percent and the S&P 500 fell 0.4 percent. Mixed economic data from the USA involved Michigan consumer sentiment that grew better than expected, but economic activity in the Chicago area that grew below expectation.
The Federal Reserve also caused some mixed sentiments. Fed official Jeremy Stein said that a stop or continuation of the stimulus program should not be based on the latest macroeconomic data but should be based on the general economic trend during the past year. However, chairman of the Fed in San Francisco, John Williams, stated that it is too soon to scale back the stimulus program.
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