Amid Political Turmoil in the USA, Indonesia's Rupiah and IHSG Rise
Although part of the market players on Indonesia's Stock Exchange (IDX) engaged in profit taking after Indonesia's benchmark index (IHSG) climbed for two consecutive days, the index still posted growth of 0.71 percent to 4,418.64 points on Thursday (03/10). Factors that contributed to today's gain were the depreciating US dollar as no solution has been found yet concerning the shutdown, generally rising Asian stock indices and the positive message that is conveyed in the APEC meeting in Bali.
In the APEC meeting, member countries stress the importance to be a unified and strong economic area. This message provided positive market sentiments.
The US dollar continued to fall against the Indonesian rupiah amid the partial shutdown of the US economy and uncertainty about when the issue will be resolved. News spread that president Obama had reminded Wall Street that the Republicans will make the country default on 17 October. As a result of this political chaos, the rupiah was able to appreciate.
| Source: Bank IndonesiaChina's stock exchange was still closed due to the national holiday, but other Asian stock indices were up today (03/10). China's higher non-manufacturing PMI was an important contributing factor to this as well as investors' perception that ongoing political turmoil in the USA will result in a postponement of the Federal Reserve's tapering.
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