Indonesian Stocks Up on Domestic Data and China Manufacturing
Although the benchmark stock index of Indonesia (known as Jakarta Composite Index or IHSG) was in the red zone prior to the release of Indonesia’s June inflation figure and May trade data, at the end of the day it finished slightly in the green zone. The IHSG climbed 0.13 percent to 4,884.83 points. The macroeconomic data that were released were positive and made market participants engage in stock trading. Moreover, the index was supported by Asian stock markets that were mostly up as well as the appreciating rupiah exchange rate.
Inflation in June (0.43 percent month-to-month) was lower than expected, while the trade balance swung back into a surplus in May (USD $69.9 million). Both these data had a good impact on the performance of the rupiah. Moreover, the stronger Yuan after Chinese manufacturing data indicated that this sector is growing at its fastest pace this year, provided positive market sentiments.
Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) appreciated 1.43 percent to IDR 11,798 per US dollar on Tuesday (01/07).
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