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Over the past two weeks the Indonesian rupiah depreciated significantly, passing beyond the IDR 13,600 per US dollar level. Also on Monday (12/02) rupiah weakening continued albeit very limited. By 15:25 pm local Jakarta time the currency of Indonesia had weakened 0.05 percent to IDR 13,635 per US dollar (Bloomberg Dollar Index).
There is major concern that Indonesia's benchmark Jakarta Composite Index will continue to move deeper in red territory on Tuesday (06/02). Yesterday, on the first trading day of the week, the index had already fallen 0.59 percent to 6,589.68 points tracking Wall Street and European markets on Friday that went down amid concerns over sharply rising interest rates (with US 10-year bond yields reaching a four-year high).
The benchmark Jakarta Composite Index of Indonesia - Jakarta Composite Index - rebounded 0.46 percent to 6,605.63 points on Wednesday (31/01) after the heavy 1.57 percent drop on the preceding day when Asian stock markets were dragged down by Wall Street and rising global bond yields.
Indonesia's benchmark Jakarta Composite Index fell 0.002 percent to 6,615.33 points on Thursday (25/01), almost unchanged from Wednesday's close. The performance of stocks was quite volatile across the Asian region. While benchmark indexes in the Philippines, Vietnam and South Korea rose sharply, those in Singapore, Thailand, Japan and South Korea saw steep declines. Indonesia's performance was in between the two extremes.
Indonesia's state-owned utility company Perusahaan Listrik Negara (PLN) plans to issue rupiah-denominated global bonds (known as 'komodo bonds', 'nasi goreng' bonds or 'rendang' bonds) in the second quarter of 2018. PLN targets to raise up to USD $2 billion through the bond issuance. Proceeds will be used for financing its part in Indonesia's 35,000 MW power development program as well as for debt payments.
Despite rising Asian stocks on Thursday morning (04/01), supported by higher crude oil prices, surging Japanese shares, and US Federal Reserve minutes that show policy makers agree to a "gradual approach" in terms of further monetary tightening, Indonesia's benchmark Jakarta Composite Index is expected to remain under pressure today.
Despite generally rising stock markets across Asia - still being supported by upbeat manufacturing data that hint at an upturn in global economic growth this year - Indonesia is bucking the trend, sliding 1.37 percent in the first trading session on Wednesday (03/01).
It was a remarkable first trading day of the year in Indonesia. Indonesia's benchmark Jakarta Composite Index showed a very volatile performance, starting in the red, then rising sharply to +1.32 percent around noon, and then falling to close 0.26 percent in the red zone at 6,339.24 points.
There is no stop to the benchmark Jakarta Composite Index in the last week of 2017. Amid mixed Asian stock markets (and thin trading volumes), Indonesian stocks are persistently touching new record highs. By 11:25 am local Jakarta time on Friday, the last trading day of the year, the Jakarta Composite Index had climbed 0.77 percent to 6,362.69 points on Friday (29/12).
Approaching the Federal Open Market Committee (FOMC) meeting - scheduled for 12-13 December 2017 - the Indonesian rupiah exchange rate remained stable on Monday (11/12). By 15:00 pm local Jakarta time, the rupiah had strengthened 0.01 percent to IDR 13,548 per US dollar (Bloomberg Dollar Index). However, several analysts warn that the rupiah is likely to depreciate if the US Federal Reserve will indeed raise its benchmark interest rate.
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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.
Despite positive results of monthly US Factory Orders and Economic Optimism, it did not support Asian stock markets up to the end of Wednesday's trading day. The Indonesia Stock Exchange (IHSG), on the other hand, maintained its upward movement to reach 4,981.47, a 0.49 percent gain. Matters that supported the IHSG's performance to yet another new record high level, were well-received 2012 company reports as well as expected dividend payouts.
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.
With a number of important global stock exchanges still closed due to Easter, it seemed that the Indonesia Stock Exchange (IHSG) lacked a reference point to which it could cling. It is also likely that market participants have already consumed most of the 2012 corporate company reports and are therefore not waiting for new data of listed companies. Moreover, today's announcement of the relative high inflation rate of March did not support the IHSG either.
Yesterday, Statistics Indonesia (BPS), a non-departmental government institution, released Indonesia's export and import numbers of February 2013. Indonesia's imports reached US $15.32 billion, while its exports stood at US $14.99 billion. It has thus resulted in the continuation of a trade deficit (US $327.4 million). For Indonesia, which always reported trade surpluses until last year, it is a worrying scenario as the trade deficit and higher inflation put pressure on the IDR rupiah.
Current Finance minister Agus Martowardojo is approved by Indonesia's Parliament (DPR) to replace Darmin Nasution as governor of Indonesia's central bank (Bank Indonesia) in May 2013. Martowardojo, who has been active in banking for over two decades and had a successful term as head of state-controlled Bank Mandiri, was finance minister since May 2010 after taking over from Sri Mulyani, who was pressured out of Indonesian politics.
Not only the upward movement of most Asian stock markets, but also a number of positive company reports (regarding corporate performances of 2012) supported the Indonesia Stock Exchange (IHSG) to reach a new record-high level of 4,928.10 on Wednesday, implying an 1.77% increase compared to the previous trading day. Moreover, American and European stock markets had ended higher on Tuesday due to positive data, thus discarding turmoil related to Cyprus.
After speculation began to spread that an agreement would be reached between Cyprus and Troika (made up of the European Union, the European Central Bank and the IMF), Asian stock markets went up, including the Indonesia Stock Exchange (IHSG). Despite foreigners' appetite for selling Indonesian assets, the index rose as it was lifted by domestic market participants' appetite for purchasing those stocks that experienced a fall on the previous trading day.
The rise of the Indonesia Stock Exchange (IHSG) at the start of today's session was not sustained. It disappointed market participants who were hoping that Indonesia's main index would continue its upward movement supported by strengthening American and European stock indices after it became known that Cyprus will stay in the Euro-zone and the Federal Reserve will continue its bond-buying program.
We had hoped for a continuation of the Indonesia Stock Exchange (IHSG)'s rebound after forming a green candle. It failed, however, due to negative market sentiments brought on by the bailout of Cyprus. Also, selling pressures on American stock markets late last week blocked a potential longer rally. The IHSG felt the impact of the Dow Jones Industrial Average (DJIA) that fell after a weaker NY Empire State Manufacturing Index as well as Consumer Sentiment.
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