Asian Markets Continue Rebound; Indonesia's IHSG Climbs 3.98%
Good economic data from China and Japan made many Asian stock indices go into green territory, including Indonesia's benchmark stock index (IHSG) which gained 3.98 percent to close at 4,358.14 points on Tuesday (10/09) despite the lack of positive internal factors in Indonesia. Promising European openings also provided support for the index. Foreign investors, similarly to yesterday, were net purchasers of Indonesian assets, while domestic investors mostly sold their assets.
The positive environment in Asia also impacted on currencies. The Indonesian rupiah gained slightly against the US dollar. Russia's plan to have diplomatic discussions with Syria regarding the use of chemical weapons has reduced concerns about military actions. On the other hand, this limits demand for currencies which are known as safe havens, including the US dollar, and thus other currencies rise. The rupiah was one of the beneficiaries and also felt the impact of the rising Australian dollar and Chinese yuan (after economic data from China were well-received by market players).
| Source: Bank IndonesiaRising Asian currencies also translated into rising stock markets across Asia. Some factors that helped to foster positive market sentiments in Asia were the Australia central bank's decision to make an end to the low interest rate climate, higher Australian consumer confidence, higher retail sales and industrial production of China, as well as reduced concerns regarding the Syria-case after Russia and various other countries declared not to favour an American invasion but instead use diplomatic strategies to clear the problems.
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