Jakarta Composite Index (IHSG) and Indonesian Rupiah Fall on Friday
The Jakarta Composite Index (Indonesia's benchmark stock index) fell 1.73 percent on Friday (01/11) to 4,432.58 points. A persistent concern for investors is the tapering issue of the Federal Reserve's quantitative easing program. Analysts expect the program to continue at a pace of USD $85 billion per month until at least March 2014, but investors remain concerned. Another issue that brought negative market sentiments was September's trade figure, which was released today. In September, Indonesia recorded a trade deficit of USD $657.2 million.
For a long while, investors have been concerned about the current account deficit of Indonesia. But despite the September trade deficit, the positive news is that in the third quarter of 2013, Indonesia's trade deficit stands at USD $2.9 billion, less than the USD $3.1 billion posted in the second quarter of 2013.
The Indonesian rupiah depreciated 1.07 percent against the US dollar on Friday (01/11) for the same reasons why the Jakarta Composite Index weakened. Recently, the Federal Reserve provided a positive summary of the US economy, which triggered speculation that QE3 will start to be toned down soon.
Asian stock indices were mixed on Friday (01/11). Shanghai and Hong Kong's Hang Seng Index were up 0.37 percent and 0.19 percent respectively due to good Chinese manufacturing data, while Japan's Nikkei was down 0.88 percent as the dollar weakened against the yen and Sony's share price plunged.
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