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Bank Indonesia's foreign exchange reserves have fallen by US $4 billion to US $108.8 in January from US $112.8 in December 2012. The current reserves translate to six months of imports and short-term government debt payments. Reasons behind the four percent decline are massive spending by Indonesia's Central Bank to support the weakening IDR rupiah in combination with overseas debt payments.
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Higher American indices after the release of ADP employment change and lower initial jobless claims made an indirect impact on Asian stock indices, including Indonesia's main stock index (IHSG) on Thursday (04/07). Investors used the positive outcomes of these data to start purchasing stocks, although in limited quantities. Foreign investors, however, are still selling more Indonesian shares than they buy, which subsequently results in limited growth of the IHSG on Thursday (04/07). The index grew 0.10 percent to 4,581.93.
Weakening American and European stock indices on Tuesday (02/07), as investors mostly refrained from trading ahead of Wednesday when a number of important US economic data are released, caused negative market sentiments in Asia today (03/07). Moreover, the market responded negative towards the World Bank's July report in which the outlook for economic growth of Indonesia in 2013 was cut to 5.9 percent (from 6.2 percent). Lastly, a gap at 4,620 - 4,644 still needed to be closed.
Asian stock markets were mixed on Thursday (30/05). Particularly Hong Kong's Hang Seng Index (HSI) was negatively influenced by Wednesday's falling stock indices in Europe and the USA. In this context, Indonesia's main index (IHSG) was hit as well and fell 1.37 percent to 5,129.65 points. Moreover, the continuing decline of the IDR rupiah makes market participants less enthusiastic to purchase Indonesian stocks. Foreigners were also anxious to sell part of their stock portfolios.
Indonesia's main stock index (IHSG) returned to where it belonged: above the level of 5,000 points. Apparently Moody's threat to downgrade Indonesia's credit rating, as has been done by Standard & Poor's a few days ago, did not leave a big impression on market participants. As a result, the IHSG rose 1.02 percent to 5,042.79 and thus almost repaired the damage done at the end of last week. Other Asian stock indices as well as positive openings in Europe also provided good support today.
The release of Indonesia's April deflation figure (0.10%) and orderly May Day demonstrations provided a good environment for investors to continue purchasing Indonesian stocks (despite uncertainty about Indonesia's subsidized fuel policy. Moreover, positive Asian stock indices - in combination with positive European openings on Wednesday - made the Indonesia Stock Index (IHSG) rise to a new record level of 5,060.92 points on Wednesday (01/05/13), a 0.53 percent gain.
Rising American stock indices on Wednesday provided solid support for stock indices around Asia the following day, including Indonesia's main index (IHSG). Amid this global positivity, market players were eager to add stocks to their portfolios. News from Japan, China and the Indonesian central bank's announcement to maintain its low benchmark interest rate were well-received, particularly by domestic market players. It made the IHSG rise to 4,924.26, a 0.96 percent gain.
On Monday, the Dow Jones Index gained as corporate results of Q1-2013 are estimated to be good. This subsequently had a positive impact on Asian stock indices on Tuesday, including Indonesia's main index (IHSG). Moreover, positive news from both Australia and China were well-received as well as the higher metal price (reflected by Hong Kong's rising Hang Seng Index). Amid this positivity, investors took the opportunity to enlarge their stock portfolios.
On Thursday 4 April 2013, market players were hoping that the Indonesia Stock Exchange (IHSG) would climb beyond the psychological level of 5,000. However, the presence of negative market sentiments - and the overbought condition of the IHSG - were used as reasons to engage in profit taking. It consequently pushed down Indonesia's main financial market indicator to the level of 4,922.61, an 1.18 percent fall compared to Wednesday's trading day.
Usually, news about inflation is not well-received by market participants. Particularly when inflation turns out to be higher than expected. This time, however, something interesting happened in Indonesia. Although the country's March inflation rate was high (5.90 percent year-on-year), it was not followed up by a negative response of market players. In fact, the inflation rate seems to have strengthened the Indonesia Stock Exchange (IHSG), which gained 0.40 percent on Tuesday.
Although the Indonesia Stock Exchange (IHSG) was moving in the red zone for a while during today's trading day, in the end it recorded a small gain. Most other Asian stock indices, except for Hong Kong's Hang Seng and Shanghai, went up as well. High expectations about continued IHSG-growth, strong corporate results of companies, and continued robust foreign demand for Indonesian stocks pushed the index up.
