Jakarta Composite Index Falls 0.49% amid Declining Asian Stock Indices
When there are few positive sentiments that can push Indonesia's benchmark stock index (Jakarta Composite Index, also known as IHSG) into higher territory there is always the risk of downreversal due to profit taking. Particularly as the IHSG has shown a steady rising trend in recent weeks. The IHSG's decline on Monday (24/02) was influenced by falling Asian indices after a sell off of property and construction stocks emerged. The continued appreciation of the Indonesian rupiah exchange rate was also unable to provide enough support for the index.
As a result the IHSG, which almost touched the overbought area, fell 0.49 percent to 4,623.57 points.
Asian stock markets were corrected on Monday (24/02) after the release of slowing growth of China's house price index. This then led to a sell off of property developers stocks, particularly amid the planned monetary tightening (involving the curbing of lending in the property sector).
The rupiah was supported by capital inflows in the domestic bond market as well as the positive message that was released after the G20 meeting in Australia on 22-23 February 2014. The G20 countries stated to be committed to enhance global economic growth. Although this message did not contain much details, it did support the rupiah's value.
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