Update on Jakarta Composite Index and Indonesian Rupiah Exchange Rate
The benchmark stock index of Indonesia - known as the Jakarta Composite Index or IHSG - rose 0.17 percent to 4,921.39 points on Tuesday (13/05), impacted by investors' reaction to positive earnings reports of Indonesian coal miners in the first quarter of 2014. Today, foreign investors recorded net buying of IDR 64 billion (USD $5.6 million) and accounted for 31 percent of trading activity. However, investors remain cautious ahead of the presidential election that is scheduled for 9 July 2014 and wait for more clarity about the (vice) presidential candidates that will compete.
First quarter earnings reports of Adaro Energy, Indonesia's second-largest thermal coal producer, and Harum Energy, also a leading thermal coal producer, surpassed expectations of investors, and led to the 0.88 percent gain of the mining sector on the stock market on Tuesday.
Several mining shares that surged on today's trading day were those of Adaro Energy (+2.93 percent), Indo Tambangraya Megah (+3.45 percent), Bukit Asam (+2.22 percent).
Meanwhile, the Indonesian rupiah exchange rate depreciated 0.13 percent to IDR 11,538 per US dollar based on the Bloomberg Dollar Index. Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR), however, appreciated 0.09 percent to IDR 11,525 per US dollar on Tuesday (13/05).
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