Update COVID-19 in Indonesia: 2,491 confirmed infections, 209 deaths (6 April 2020)
3 April 2020 (closed)
USD/IDR (16,410) -146.00 -0.88%
EUR/IDR (17,734) -169.37 -0.95%
Jakarta Composite Index (4,623.43) +91.74 +2.02%
Indonesia's benchmark Composite Index touched a new record high on Monday (19/02) after surging 1.48 percent to finish at 6,689.29 points, particularly on the back of surging basic industry & chemicals and property shares. The performance of Indonesian stocks was in line with the overall performance of Asian stocks today. Japan's Nikkei 225 almost surged 2 percent. Benchmark indexes in Singapore, the Philippines, Malaysia and Vietnam also rose more than 1 percent today.
Investors' concerns now seem somewhat laid to rest after US stocks on Wall Street experienced a good week, last week, after earlier having faced heavy pressures (including a 10 percent drop) in the preceding week. Last week, the Dow Jones Industrial Average in fact gained 4.3 percent, hence making it its best weekly gain since Donald Trump's victory in the presidential election back in 2016. Also European stocks finished higher, last week, on rising trader optimism.
Analysts say investors are now selling bonds and investing in stocks. During the heavy selloff in early February it was the other way around.
Meanwhile, the stock markets in China, Hong Kong and Taiwan remained closed for the Lunar New Year break.
Emerging currencies in Asia were under pressure as the US dollar extended its gains for a second day against a basket of major currencies. The US dollar also strengthened against the Indonesian rupiah. Based on the Bloomberg Dollar Index the rupiah depreciated 0.27 percent to IDR 13,560 per US dollar on Monday (19/02). Meanwhile, Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) actually appreciated 0.21 percent to IDR 13,541 per US dollar on Monday.
Indonesian Rupiah versus US Dollar (JISDOR):| Source: Bank Indonesia