Stock Market Indonesia Update: Up on Positive SBY-Jokowi Transition
The benchmark stock index of Indonesia (Jakarta Composite Index, abbreviated IHSG) rose 0.37 percent to 5,184.48 on Thursday’s trading day (28/08) on increased expectation that the transition from the Susilo Bambang Yudhoyono (SBY) government to the Joko “Jokowi” Widodo government will be smooth and efficient evidenced by the pair's meeting in Bali to discuss various matters regarding the transfer of power. For investors, this meeting led to increased optimism. Stocks in the property and miscellaneous sectors led the gain.
On Thursday, foreign investors purchased IDR 198.5 billion (USD $17.0 million) more Indonesian shares than they sold, accounting for 44 percent of total trading at the Indonesia Stock Exchange (IDX).
Shares of Adaro Energy, one of Indonesia’s largest miners, declined 1.9 percent after the company reported a 31 percent fall in net income over the first half of 2014. A year ago, the company’s revenue and profit had surged after Adaro Energy acquired coal miner Balangan Coal in South Kalimantan.
Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) appreciated 0.22 percent to IDR 11,682 per US dollar on Thursday (28/08).
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