Update COVID-19 in Indonesia: 24,538 confirmed infections, 1,496 deaths (28 May 2020)
29 May 2020 (closed)
USD/IDR (14,769) +8.00 +0.05%
EUR/IDR (16,275) +95.18 +0.59%
Jakarta Composite Index (4,753.61) +37.43 +0.79%
After its one-week holiday, Indonesia's main stock index (IHSG) started in negative territory. The index fell 0.93 percent to 4,597.78 on Monday (12/08) with the country's miscellaneous industry sector and the consumer goods sector leading the fall. It is interesting to note that most Indonesian mining companies showed significantly rising share prices as prices of mining commodities are expected to increase. According to Morgan Stanley, coal imports to India will grow while the global coal price has already reached its lowest point.
Adaro Energy, the second-largest thermal coal producer in Indonesia, rose by a spectacular 18.46 percent.
The ten largest Indonesian companies by market capitalization (which are the most popular stocks among foreign investors) had to face major losses on Monday (12/08), except for Bank Rakyat Indonesia (+0.61 percent). The biggest losers were consumer goods producer Unilever Indonesia (-4.61 percent) and tobacco manufacturer Gudang Garam (-4.08 percent). Recent higher inflation has impacted on people's purchasing power.
Most Asian markets were up on Monday (12/08) after the publication of last week's positive data in China (July's factory output grew at its fastest pace in 2013 and Chinese new bank loans as well as money supply was higher than expected). The notable exception being Japan's Nikkei index that fell to a six-week low after the release of the country's lower than expected Q2 GDP growth rate (2.6 percent YoY).