Update COVID-19 in Indonesia: 70,736 confirmed infections, 3,417 deaths (9 July 2020)
6 July 2020 (closed)
USD/IDR (14,512) +26.00 +0.18%
EUR/IDR (16,454) +50.48 +0.31%
Jakarta Composite Index (5,052.79) -23.38 -0.46%
Indonesia's benchmark stock index (IHSG or Jakarta Composite Index/JCI) rebounded on Tuesday (11/02) after being impacted by rising Asian stock indices that followed Wall Street's positive ending on Monday (10/02) as well as higher prices of several commodities. Moreover, JP Morgan Chase & Co released a positive assessment of China's banks and stock market. Lastly, Standard & Poor’s put Indonesia's banks on a stable outlook. Combined, these factors made the IHSG rise 0.44 percent to 4,470.19 points.
Agriculture and banking stocks were particularly strong on today's trading day (11/02), while Indonesia's trade, consumer and infrastructure sectoral indices declined.
The market reacted positively to S&P’s released a report that stated that Indonesian banks will be shielded from a depreciating rupiah and rising borrowing costs in 2014: “We expect most rated banks to maintain solid business position, sound capitalization and good funding and liquidity profile this year.”
Besides the positive assessment of JP Morgan, there was more good news from China where PetroChina found 308.2 billion cubic meters of natural gas in the Sichuan basin in southwest China.
The Indonesian rupiah exchange rate depreciated as market participants are in anticipation of the first speech of Janet Yellen, the new Head of the Federal Reserve. The central bank's Jakarta Interbank Spot Dollar Rate (JISDOR) weakened 0.06 percent to IDR 12,174 per US dollar on Tuesday (11/02).