Indonesia Stock Index Continues Upward Movement with 0.47% Gain
The forming of a morning doji star indeed indicated that there was potential for continued upward movement of Indonesia's benchmark stock index (Jakarta Composite Index or IHSG) despite the profit taking actions that emerged and limited the gain of the index (particularly those stocks that went into the overbought area). Factors that contributed positively to today's (21/01) performance of the Jakarta Composite Index were rising Asian stock markets and a rebound in commodity stocks as a number of commodities recorded slightly higher prices.
On Tuesday (21/01), the IHSG rose 0.47 percent to 4,452.50 points.
Asian stock markets were supported by the decision of China's central bank to add liquidity to the country's financial system. Another factor was the start of Japan's central bank meeting which will discuss its monetary policy. Market participants are hoping that the country will continue to provide stimulus in order to support economic growth (Japan's growth has been blocked by high deflation).
The Indonesia rupiah exchange rate (the central bank's mid rate) depreciated 0.09 percent to IDR 12,122 per US dollar on Tuesday (21/01). Continued speculation about a decision to wind down the Federal Reserve's stimulus program at a faster pace than USD $10 billion (a decision which can be made at next week's FOMC meeting) made a negative impact on the rupiah. The rupiah's depreciation was limited due to the release of the BKPM's investment statistics for the year 2013. Total investments in Indonesia (which involve domestic and foreign direct investment) reached a record high at IDR 398.6 trillion (USD $33 billion).
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