Stock Market Update: Indonesian Stocks Fall on Political Uncertainty
Although the benchmark stock index (known as Jakarta Composite Index or IHSG) started the day in the green zone, it ended down due to profit taking as market participants prefer to wait for the official result of the Indonesian presidential election first. Both presidential candidates (Joko Widodo and Prabowo Subianto) declared a victory based on different unofficial quick count results. This has resulted in political uncertainty in Southeast Asia’s largest economy and thus investors refrain from buying Indonesian assets.
The Jakarta Composite Index fell 0.23 percent to 5,021.06 points on Monday (14/07).
Asian stock markets were up as the yen depreciated against the US dollar. Japan’s slightly increased industrial production coupled with speculation that Japan’s central bank will maintain its stimulus program made a positive impact on Asian markets.
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