This section has been discontinued. Daily updates on the performance of the Jakarta Composite Index (Indonesia Stock Exchange) are now presented in our Today's Headlines section.
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The Jakarta Composite Index (Indonesia's benchmark stock index) fell 1.73 percent on Friday (01/11) to 4,432.58 points. A persistent concern for investors is the tapering issue of the Federal Reserve's quantitative easing program. Analysts expect the program to continue at a pace of USD $85 billion per month until at least March 2014, but investors remain concerned. Another issue that brought negative market sentiments was September's trade figure, which was released today. In September, Indonesia recorded a trade deficit of USD $657.2 million.
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Despite foreign investors recording a net buy on the Jakarta Composite Index on Thursday (31/10), a depreciating rupiah as well as falling stock indices across Asia made investors concerned. Thus, the benchmark index of Indonesia followed the pace of other Asian indices and ended on 4,510.63 points (a 1.40 percent fall). The outcome of the Federal Reserve's FOMC meeting did not support the rupiah. On the contrary, the rupiah fell after the Fed stated to continue quantitative easing but that the tapering may start sooner than expected.
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In line with falling Asian indices, Indonesia's benchmark stock index (the Jakarta Composite Index or IHSG) was down on Tuesday (29/10). Investors are cautious ahead of the Federal Reserve meeting and thus used today to engage in profit taking. The IHSG fell 0.60 percent to 4,562.77 points. Moreover, the appreciating trend of the rupiah exchange rate was disturbed ahead of the Fed meeting and which also formed a contributing factor for the fall of the IHSG today. Foreign investors recorded a net sell, while domestic investors recorded a net buy.
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Wall Street and European indices being up at the end of last week had a positive impact on Asian stock indices on Monday (28/10), despite experiencing a correction during today's trading day. The Jakarta Composite Index (IHSG), Indonesia's benchmark stock index, joined this trend. After making a strong start, it became susceptible to profit taking and thus had a mixed performance although it ended at 4,590.54 points, a 0.21 percent increase. The IHSG was supported by foreign net buying and an appreciating rupiah exchange rate.
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The views expressed in these financial columns are the views of the authors or the interviewed persons only and therefore do not necessarily reflect the views of Indonesia Investments. The authors are free to ventilate their opinions about the Indonesian financial markets. Facts presented in these columns are the result of the author's own research or indicated sources. The content of these articles should not be regarded as investment advice, read disclaimer.
