Positive Domestic Factors Push Indonesia's Stock Index Higher
Despite mixed European and American markets on Wednesday (23/01) and declining Asian markets on Thursday (23/01) as these responded to weak Chinese manufacturing data and South Korea's Q4-2013 GDP outcome, it was unable to block Indonesia's benchmark stock index (Jakarta Composite Index or IHSG) from extending its upward movement. The IHSG was supported by various positive company releases, including financial results of 2013, capital expenditure announcements, and new products or services releases.
Indonesia's IHSG climbed 0.41 percent to 4,496.04 points on Thursday (23/01).
One of the first financial results releases - and which set a positive tone for the Jakarta Composite Index - was made by Bank Rakyat Indonesia. According to its statement, the company's net profit grew 14 percent to IDR 21.4 trillion (USD $247 million) in 2013 as loans grew 24 percent.
Asian markets were rather depressed after the release of HSBC’s preliminary Purchasing Managers’ Index which slipped to 49.6 in January 2014 from 50.5 in the previous month (an outcome of below 50 indicates a contraction). Asia's energy stocks in particular were hit by this negative market sentiment. Continued slow investment in Japan and South Korea's Q4-2013 result, which slowed to 0.9 percent from 1.1 percent in the two previous quarters, contributed to negative sentiments.
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