Despite Profit Taking, Jakarta Composite Index Up on Tuesday
After several days of strong performance, Indonesia's benchmark stock index (known as the Jakarta Composite Index or IHSG) felt the impact of profit taking on Tuesday (16/04). As a consquence, the IHSG's upward movement was limited and unable to completely close the gap at 4,829-4,906. At the start of the trading day, the index opened positively, but during the day - when a number of Asian indices were down - the IHSG's performance was curbed. Indonesia's benchmark index gained 0.11 percent to 4,870.21 points.
The Indonesian rupiah exchange rate continued to appreciate while the Euro weakened after the President of the European Central Bank, Mario Draghi, said that the currency's appreciation can result in greater monetary stimulus ahead. The release of higher US retail sales (more than the initial projections) supported the value of the US dollar. However, due to capital inflows, the Indonesian rupiah managed to continue its appreciation on Tuesday. Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) appreciated 0.09 percent to IDR 11,434 per US dollar.
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