Indonesia Stock Exchange Down 0.50% amid Mixed Asian Markets
American stock indices that refrained from staying in the green zone at the end of Monday's trading session (20/05/13) made market participants less enthusiastic to invest in Asian stocks. Indonesia's main stock index (IHSG) was one of the indices that felt this impact as a lack of positive sentiments blocked it from rising to another record high level. Investors were also concerned about profit taking because the index had reached the overbought level. When European indices opened weak on Tuesday it increased downward pressures on the IHSG.
At the end of today's trading day, the IHSG stood at 5,188.76, a 0.50 percent fall. Foreign investors were still eager to buy Indonesian assets, but domestic investors recorded a net sell.
The IDR rupiah continued to weaken as speculation arose that a number of high Federal Reserve officials will suggest to quicken the halt to the Fed's stimulus program in this week's FOMC meeting. The fall of the rupiah was also inflicted by the weakening of the Japanese yen after Japan's Finance Minister, Akira Amari, could not inform on how low the yen may fall, and by the weakening euro after the UK's lower-than-expected inflation rate of 2.4 percent in April.
| Source: Bank IndonesiaAsian stock indices were mixed, with the HSI, Kospi and ASX falling. Their fall was related to a weakening of finance stocks as the Goldman Sachs Group let go of their position in ICBC Ltd (valued at USD $1.1 billion). Weaker business confidence in Australia also put downward pressures on the market. On the other hand, technology and energy stocks gained as a number of companies released good corporate data.
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