Update COVID-19 in Indonesia: 365,240 confirmed infections, 12,617 deaths (19 October 2020)
Indonesia Investments Report - October 2020 Edition: Introduction Omnibus Law
19 October 2020 (closed)
USD/IDR (14,690) +0.00 +0.00%
EUR/IDR (17,369) +0.00 +0.00%
Jakarta Composite Index (5,126.33) +22.92 +0.45%
Goldman Sachs and JP Morgan Downgrade Emerging Markets; IHSG Down
As expected, the Jakarta Composite Index (abbreviated IHSG) continued its downward trend amid falling global indices. From the start of Tuesday's trading day (07/01), the IHSG had to face pressures resulting in foreign net selling. Apart from the weakening rupiah exchange rate, negative market sentiments were caused by the Goldman Sachs Group and JP Morgan Chase & Co that both downgraded emerging market economies. This led to a correction on Asian stock markets.
Indonesia's IHSG fell 0.64 percent to 4,175.81 points on Tuesday (07/01).
Goldman Sachs and JP Morgan both advise investors to sell stakes in emerging markets ahead of the Federal Reserve's tapering later this month.
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