Update COVID-19 in Indonesia: 497,668 confirmed infections, 15,884 deaths (23 November 2020)
23 November 2020 (closed)
USD/IDR (14,145) +15.01 +0.11%
EUR/IDR (16,851) +3.05 +0.02%
Jakarta Composite Index (5,652.76) +81.11 +1.46%
After having plummeted about 7 percent over the course of seven trading days, Indonesia’s benchmark Jakarta Composite Index rebounded directly after opening on Monday (04/05). At 10:41 am local Jakarta time, the index had surged 1.30 percent to 5,152.95 points. As Indonesian stocks are generally ‘oversold’ they have become attractive to investors. Moreover, most US and European stock indices ended higher at the end of last week hence providing more fuel for Indonesian stocks to rebound today.
Several Indonesian blue chips are popular on today’s trading day. For example, shares of Astra International, regarded the barometer of the Indonesian economy, had surged 4.74 percent to 7,175 by 10:42 am. Shares of Bank Mandiri, Indonesia’s largest bank by assets, gained 3.72 percent to 11,150, while shares of Unilever Indonesia rose 2.85 percent by the same time.
The Jakarta Composite Index fell significantly over the past seven trading days as investors were disappointed with listed Indonesian companies’ Q1-2015 corporate earnings reports (and which caused expectation that the country’s GDP growth in the first quarter will disappoint as well).
Whether the positive performance of the Jakarta Composite Index will continue in the remainder of the day will largely depend on the economic data that is scheduled to be released today by Statistics Indonesia (April inflation and April manufacturing activity).
Jakarta Composite Index (IHSG):
Meanwhile, the Indonesian rupiah is weakening. According to the Bloomberg Dollar Index, Indonesia’s currency had depreciated 0.58 percent to IDR 13,023 per US dollar by 10:30 am local Jakarta time. Indonesia’s April inflation, which is expected to be higher than usual, is regarded as constituting the main problem. Due to higher fuel prices, Indonesian inflation is expected to rise to about 6.80 percent (year-on-year) in April.
Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) depreciated 0.65 percent to IDR 13,021 per US dollar on Monday (04/05).
| Source: Bank Indonesia
Indonesian Rupiah versus US Dollar (JISDOR):