Update COVID-19 in Indonesia: 2,956 confirmed infections, 240 deaths (8 April 2020)
8 April 2020 (closed)
USD/IDR (16,241) -4.00 -0.02%
EUR/IDR (17,636) -23.03 -0.13%
Jakarta Composite Index (4,626.69) -151.94 -3.18%
The benchmark stock index of Indonesia (Jakarta Composite Index or IHSG) climbed slightly on Monday (18/08), not being impacted - as we feared earlier - by mixed stock indices on Wall Street and Europe on Friday (15/08). Increased speculation about widening Chinese monetary policy in the country’s property sector made a good impact on Asian stock indices, including Indonesia’s IHSG. At the end of the trading day, the IHSG had strengthened 0.15 percent to 5,156.75 points, also supported by the appreciating rupiah (Bank Indonesia’s mid-rate).
Although China's property prices and foreign direct investments (FDI) decreased by 2.5 percent and 17 percent, respectively, it did not get a negative response from the market. Contrary, the response was positive on the Asian market as market participants expect that the Chinese government will ease its monetary policy the property sector of the world’s second-largest economy. Furthermore, market participants were also content to see the meeting of the Foreign Ministers of Russia and Ukraine to discuss conflict resolutions.
Rising global crude oil prices made Japanese energy stocks appreciate which subsequently made the Nikkei index rise as well.
Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) appreciated 0.10 percent to IDR 11,681 per US dollar on Monday (18/08).