Update COVID-19 in Indonesia: 2,491 confirmed infections, 209 deaths (6 April 2020)
7 April 2020 (closed)
USD/IDR (16,410) -146.00 -0.88%
EUR/IDR (17,734) -169.37 -0.95%
Jakarta Composite Index (4,778.64) -33.19 -0.69%
Previously we advised investors to be careful because various economic data that was to be released - both international and domestic - could reveal negative results and thus put great pressure on the benchmark stock index of Indonesia (IHSG or Jakarta Composite Index) on Tuesday (01/04). However, the data, particularly domestic data, were positive and made the IHSG jump 2.22 percent one day after the holiday on Monday (Nyepi or Hindu New Year). Investors used this context to purchase stocks, especially Indonesia's big cap stocks.
Companies such as Gudang Garam, Unilever Indonesia, Semen Indonesia and Bank Mandiri were examples of Indonesian big caps that saw its share prices jump on today's trading day. Apart from positive domestic data, the IHSG was supported by rising Asian stock indices and the appreciating rupiah exchange rate.
The positive domestic data that supported the rupiah and the IHSG involved Indonesia's February 2014 trade surplus (USD $785 million) and low March 2014 inflation. On a year-on-year basis, Indonesian inflation now stands at 7.32 percent (from 7.75 percent in February 2014).
Apart from Japan's Nikkei, Asian stock indices were up. Despite Australia's AIG manufacturing index, China's NBS & HSBC manufacturing and Indonesia's HSBC manufacturing having all declined, it was offset by the higher Tankan large & non manufacturing index of Japan, stable inflation in South Korea as well as South Korea's higher HSBC manufacturing PMI and China's commitment to boost its economy.