Contrary to Global Trend Indonesian Stocks and Rupiah Strengthen
Despite the fact that foreign investors continued to record net selling (IDR 216.9 billion) and despite mostly declining stock indices in Southeast Asia, the benchmark stock index of Indonesia (Jakarta Composite Index, abbreviated IHSG) rose 0.19 percent to 4,922.59 points on Tuesday’s trading day (14/10). The IHSG was particularly supported by rising consumer and manufacturing stocks. Indonesian stocks were also supported by the appreciating rupiah exchange rate.
Rising Indonesian stocks on Tuesday were remarkable as indices on Wall Street were down on the preceding day. Global investors are still concerned about the condition of the world economy. Other countries in the Asian region felt this impact. The benchmark index of Singapore fell to a six-month low after it was released that the country’s GDP growth in the third quarter rose weaker-than-expected at 1.2 percent from the previous quarter.
Both the US dollar and rupiah appreciated against the euro as official figures showed that inflation in the UK fell to a five-year low of 1.2 percent in September 2014 from 1.5 percent the month before. Moreover, some Eurozone members show weakening consumers' purchasing power.
Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) appreciated 0. 06 percent to IDR 12,195 per US dollar on Tuesday (14/10).
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