Indonesia Stock Market Update: Down 0.66% on Thursday amid Profit Taking
On Thursday's trading day (16/01), Indonesia's benchmark stock index (Jakarta Composite Index) fell victim to profit taking after two days of sharp gains (although the index did not came close to its gap at 4,393-4,398 points). The index was also pulled down due to the World Bank's pessimistic forecast for growth of Indonesia's economy as well as today's mixed Asian stock indices. Lastly, the continued Indonesia rupiah exchange rate depreciation contributed to negative market sentiments.
Indonesia's Jakarta Composite Index fell 0.66 percent to 4,412.49 points on Thursday (16/01).
| Source: Bank Indonesia
The rupiah lost against the US dollar because of several well-received economic data that supported the US dollar. These data included increased NY Empire State Manufacturing Index, MBA Mortgage Application, as well as the release of the Federal Reserve's Beige Book.
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