Despite Sharp Rupiah Depreciation, Indonesian Stocks Rise 0.18%
The benchmark stock index of Indonesia (Jakarta Composite Index, abbreviated IHSG) rose 0.18 percent to 5,142.01 points on Monday (29/09) despite the sharp depreciation of the Indonesian rupiah exchange rate. Possibly market participants took advantage of relatively cheap blue chip stocks after the 1.3 percent drop on Friday (26/09) caused by negative market sentiments brought about by the parliament’s passing of a bill which abolishes direct voting of regional leaders. Foreign investors recorded net selling of IDR 542.4 billion.
The finance sector was the best-performing sector on today’s trading day, rising 0.7 percent. Shares of Bank Central Asia (BCA) increased 2.1 percent, while Bank Negara Indonesia (BNI) rose 1.8 percent.
Furthermore, the intensifying Hong Kong protests and worse-than-expected China industrial profits contributed to negative market sentiments across Asian indices.
Meanwhile, the rupiah depreciated 1.00 percent to IDR 12,169 per US dollar based on the Bloomberg Dollar Index. Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) depreciated 0.94 percent to IDR 12,120 per US dollar on Monday (29/09).
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