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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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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.
Recent concerns about a global currency war, which is considered to threaten worldwide economic and financial stability, has prompted Indonesia's Economic minister Hatta Rajasa to ensure that Indonesia will not participate in such a tactic. The Central Bank of Indonesia (Bank Indonesia) has in fact been selling US dollars to support the IDR rupiah, which has been under growing pressure lately due to Indonesia's current account deficit and the risk of capital outflows.
Rising Asian stock markets, particularly a strong Hang Seng (Hong Kong) that opened today after the Chinese new year celebrations, had a positive impact on the Indonesia Stock Exchange (IHSG). As had happened in previous years, the IHSG has the tendency to gain ahead of Valentine's day. Today, market participants received their special Valentine's gift: a new record-high IHSG level of 4601.95, although in the end it had to close a bit lower.
The upward movement of American and European stock indices yesterday, brought on due to positive internal sentiments in both regions, provided good support for Asian stock markets today. Apart from foreign influences, Asian stock markets were also supported by company reports that showed good corporate results in 2012. As such, the Indonesia Stock Exchange (IHSG) also joined the green wave of Asian stock markets, and set a new record high.
A continued positive movement of the Nikkei index provided good support for the Indonesia Stock Exchange (IHSG) on Tuesday's trading day. Many Asian stock markets have not opened yet after the Chinese new year and therefore the Nikkei became the reference for the performance of the IHSG. Apart from the influence of the Nikkei, many Indonesian company reports that were published today, had a positive effect on the IHSG, resulting in a new record high.
It seems that the Indonesia Stock Exchange (IHSG) was blessed by the Chinese new year celebrations as it closed higher on Monday than on the previous trading day. This is a better performance than usual on the days around the new year. If we take a look at the period 2008-2012, the IHSG declined three times on the day before new year, and twice on the day after. This year, the IHSG declined on the day before by -0.26% and increased by 0.27 on the day after.
After rallying for three days to try to end on a new resistance level, the Indonesia Stock Exchange (IHSG) finally had to retreat. As we suspected, the index weakened after its record high. Moreover, American and European indices were weak on Thursday, thus influencing the performance of the IHSG on Friday. Lastly, a number of Asian companies reported weak corporate reports that subsequently impacted on Asian stock indices, including the IHSG.
The positive response of Asian stock markets towards manufacture data from Europe, and the rebound of American and European stocks turned the Indonesia Stock Exchange (IHSG) back into green territory. Positive market sentiments impacted - as usual - on commodity stocks, particularly mining stocks, and which thus gained the most: Vale Indonesia (INCO), Antam (ANTM), Timah (TINS), and Resource Alam Indonesia (KKGI) all increased significantly.
On Tuesday's trading day, the Indonesia Stock Exchange (IHSG) ended lower as widespread profit taking coloured transactions. Other Asian stock indices, such as the Nikkei (Japan) and Hang Seng (Hong Kong), fell hard and impacted on the performance of the IHSG. The publication of Indonesia's 2012 GDP growth also brought negative sentiments as its result (6.2%) was below expectations.
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