Jakarta Composite Index down due to Lower US Manufacturing PMI
Despite technical indicators suggesting further upward movement of Indonesia's benchmark stock index (known as the Jakarta Composite Index or IHSG), a positive performance of the index was blocked by external factors. Several Asian stock indices were down responding to Markit's lower US manufacturing PMI (slipping to 55.5 from 57.1 in February 2014). Similarly, China and the Eurozone's manufacturing data showed slowing growth. Continued appreciation of the rupiah exchange rate managed to limit the decline of the IHSG.
On Tuesday (25/03), the IHSG fell 0.37 percent to 4,703.09 points.
The Indonesian rupiah exchange rate continued to strengthen as it has done since the start of 2014. Several appreciating emerging market currencies, supported by the stronger Chinese yuan (despite the fact that economic expansion of China is still slowing), provided positive sentiments for the rupiah. The yuan slightly appreciated after the central bank of China raised its yuan reference rate by 0.04 percent to 6,1426 per US dollar.
Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) appreciated 0.23 percent on Tuesday (25/03) to IDR 11,357 per US dollar.
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