Jakarta Composite Index (IHSG) and Rupiah Advance on Thursday
Contrary to most Asian indices, Indonesia's Jakarta Composite Index (IHSG) managed to post a gain on Thursday (07/11). The IHSG seemed to follow the upward movement of Wall Street on the previous day (06/11) after a number of Federal Reserve officials stated to support the continuation of the Fed's monthly USD $85 billion bond-buying program (quantitative easing). Despite continued foreign net selling, the IHSG index rose 0.82 percent to 4,486.11 points as domestic purchases offset foreign selling.
Asian stock indices were mostly down as investors are waiting for economic data from the USA (particularly the nonfarm payrolls and GDP growth rate) as well as for results from the European Union meeting and, lastly, for the meeting of China's communist party which will shed light on the future direction of the economy of China.
The Indonesian rupiah (and joined by five-year government bonds) advanced for the first time in eight days after it had been announced that Indonesia's foreign exchange reserves had risen to USD $97.0 billion in October (from USD $95.7 billion in the previous month).
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