Update COVID-19 in Indonesia: 59,394 confirmed infections, 2,987 deaths (2 July 2020)
2 July 2020 (closed)
USD/IDR (14,566) +50.00 +0.34%
EUR/IDR (16,379) +36.63 +0.22%
Jakarta Composite Index (4,966.78) +52.39 +1.07%
Most of us expected the Jakarta composite index (IHSG) to weaken on Tuesday 16 April 2013 amid mixed Asian stock indices and significantly weakened American and European indices on Monday (that responded to reports about both China's slowing economic growth and weak economic figures of America). Moreover, bomb explosions at the finish line of the marathon of Boston were expected to complicate the performance of the IHSG. But concerns turned out in vain.
The IHSG in fact gained remarkably. With trade volume and total value of transactions increasing it stood at 4,945.25 at the end of Tuesday's trading day, an 1.04 percent rise. Foreign investors were net sellers of Indonesian stocks, while domestic investors recorded a net purchase.
The IDR rupiah declined again after it was published that Australian car sales fell and the Reserve Bank of Australia (RBA) indicated not to continue monetary easing. UK inflation figures were also not well-received; monthly inflation fell, while annual core inflation rose. The Eurozone's annual core inflation figure rose as well (to 1.5 percent). The ZEW Economic Sentiment of both Germany and the Eurozone fell sharply and impacted negatively on market sentiments.| Source: Bank Indonesia
Asian stock indices were mixed. China's index rose after property stocks gained when it was speculated that China's government would not put stricter measures on property credit after results of China's slowing economic growth a few days ago. Market participants also seem to appreciate stocks in the automotive and aviation sectors due to low commodity prices, specifically crude oil. These low commodity prices were also a factor that made the India stock index rise, where the government is expected to reduce its current account deficit. Hong Kong's Hang Seng Index and the Nikkei, on the other hand, fell due to the weak economic data from China and a strengthening yen.