It was another impressive day at the office for the Indonesia Stock Exchange. Indonesia's benchmark Jakarta Composite Index (IHSG) surged 1.35 percent to 5,242.82 points on Wednesday (21/07). After Thailand's benchmark index, the Jakarta Composite Index was the best performing index in Asia today. Overall, Asian markets were mixed as most investors seem to reassess the global economy after the International Monetary Fund (IMF) decided to cut its global growth outlook (modestly) on Tuesday (19/07).

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In the post-Brexit reality, stocks have been performing well, worldwide, with the exception of the week of 4 July when markets were hit by profit-taking amid heightened concern about the world's economic fundamentals. Apart from that week (when Indonesian markets were closed for a public holiday) stocks have been rallying, fueled by optimism about monetary stimulus from key central banks. So far this week, gains in worldwide stocks reappeared, fed by a positive (but not too positive) US jobs report and the prospect of more stimulus from central banks.

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After Indonesia's markets have been closed for one full week due to the Idul Fitri holiday, they are back open today (11/07). Because of last week's holiday, Indonesia's stock market has not experienced the sell-off that occurred in other markets in the week of 4 - 8 July. This sell-off followed a relief-rally in global markets after the Brexit vote decision: although shortly after Brexit, global shares gained on central bank's stimulus hopes, the sell-off emerged one week later as investors started to be concerned about the impact of Brexit and the economic fundamentals of Europe.

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The Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK) aim to boost the number of listed companies in Indonesia by making it easier for companies to go public in an initial public offering (IPO). One strategy is the setting up of "Go Public" information centers in Jakarta and other big cities in Indonesia. This would mean that company officials will not need to travel to Jakarta to collect documents and provide data to the IDX. Soon, this will be possible in the regional centers. These centers can also introduce underwriters to companies that are interested to go public.

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In line with other Asian assets, Indonesian stocks and the rupiah strengthened on Monday (20/06) as falling odds of a "Brexit" boosts risk appetite. Voters in the United Kingdom will decide in a referendum on Thursday (23/06) whether or not to remain part of the European Union (EU). An exit of the UK from the EU (the so-called "Brexit") is expected to cause a major global shock and flight to safety. The latest opinion polls, however, indicate a growing chance that the UK will remain part of the UK, hence causing a sigh of relief on global markets. Meanwhile, oil prices were up on the weakening US dollar.

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Indonesian independent power producer Cikarang Listrindo raised IDR 2.4 trillion (approx. USD $180.5 million) from an initial public offering (IPO) on the Indonesia Stock Exchange on Tuesday (14/06). The company is the first independent power producer to go public in Indonesia and the 5th firm to be added on the Indonesia Stock Exchange in 2016. Cikarang Listrindo floated 9.7 percent of its enlarged share capital on the bourse. On its trading debut its shares rose 2.6 percent from IDR 1,500 to IDR 1,540 a piece.

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It was a bad start of the new trading week. Stocks in Asia were deep in the red due to risk aversion, falling the most in four weeks amid concern about the "Brexit" referendum, uncertainty before this week's central bank meetings in the USA and Japan, falling crude oil prices, and the worst mass shooting in modern US history. Indonesia was among the affected markets; the benchmark Jakarta Composite Index fell 0.84 percent to 4,807.23 on Monday (13/06), while the rupiah only depreciated slightly to IDR 13,298 per US dollar (Bloomberg Dollar Index).

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Duta Intidaya, an Indonesia-based health and beauty products retailer, targets to collect up to IDR 90.8 billion (approx. USD $6.7 million) from an initial public offering (IPO) on the Indonesia Stock Exchange that is planned for June 2016. This would make Duta Intidaya, the operator of the Watsons stores in Indonesia, the fifth company to go public in Indonesia this year. Lilis Mulyawati, Director of Duta Intidaya, said the book building process for the company's IPO is conducted between 31 May and 6 June 2016, while the offering period is set for 17-21 June. Listing on the IDX is scheduled for 28 June 2016.

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For sure Indonesia's financial system will be affected by the Federal Reserve's decision to implement another interest rate hike, and especially emerging market currencies - including the rupiah - are vulnerable to further monetary tightening in the world's top economy. Most analysts now believe a Fed Funds Rate (FFR) hike could occur in July 2016. In previous rounds of US monetary tightening (QE tapering and the December 2015 FFR hike) we witnessed large capital outflows from Indonesia. What will be the impact of another US interest rate hike on Indonesia?

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Indonesian shipping company Sillo Maritime Perdana, which provides offshore support vessels, plans to conduct an initial public offering (IPO) on the Indonesia Stock Exchange (IDX). The company set the indicative price for its IPO in the range of IDR 117-140 a piece. By issuing 600 million new shares, or 23.08 percent of its enlarged share capital, Sillo Maritime Perdana targets to collect roughly IDR 77 billion (approx. USD $5.7 million) in funds from the IPO. Lautandhana Securindo and UOB Kay Hian Securities were appointed as underwriters for the IPO.

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IHSG masih dalam laju pelemahannya setelah pelaku pasar turut merespon negatif hasil rapat FOMC yang mensinyalkan akan adanya pengurangan pembelian obligasi AS dalam beberapa bulan ke depan dan terimbas pelemahan laju bursa saham Asia setelah rilis pre-HSBC manufacturing PMI China menunjukkan adanya penurunan. IHSG yang sedang mencoba untuk keluar dari tren pelemahan menjadi berkurang peluangnya dengan maraknya sentimen-sentimen negatif sehingga memicu adanya aksi jual, termasuk laju nilai tukar Rupiah yang masih betah dalam tren penurunannya membuat pelaku pasar semakin kehilangan mood.

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The Federal Reserve, central banking system of the United States, expects that the current economic recovery of the USA is set to continue. In the minutes of the latest Federal Open Market Committee (FOMC) meeting, held at end-October 2013, it is mentioned that within the next few months the Federal Reserve can start winding down its monthly USD $85 billion stimulus program (known as quantitative easing). The next FOMC meeting, which will shed more light on the future of the bond-buying program, is scheduled for December 2013.

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Tampaknya laju IHSG tidak sebaik sehari sebelumnya dimana mampu menguat jelang akhir sesi perdagangan. IHSG sedari awal perdagangan terus melaju melemah setelah terimbas penurunan bursa saham Asia. Seperti yang pernah kami katakan dimana setiap adanya kenaikan akan selalu dimanfaatkan untuk aksi jual sehingga penguatan yang sempat terjadi hanya bersifat terbatas dan tidak dapat bertahan lama.

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Positifnya laju bursa saham Asia sepanjang sesi yang terimbas dari menghijaunya bursa saham AS dan Eropa di akhir pekan kemarin dan adanya spekulasi Pemerintah China akan melakukan reformasi ekonomi untuk menopang pertumbuhan negaranya dan berita positif dari tetapnya rating BBB- peringkat utang Indonesia oleh Fitch Rating memberikan angin segar pada IHSG pada hari Senin (18/11).

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Indonesia Investments presents a selection of corporate earnings reports (third quarter 2013) of Indonesian companies that are listed on the Indonesia Stock Exchange, categorized by sector: (1) agriculture & mining, (2) basic industry and chemicals, (3) miscellaneous industry, (4) consumer goods, (5) property and real estate, (6) infrastructure, utilities and transportation, (7) finance, and (8) trade, services and investment. The tables display both net profit (loss) and revenues over the first nine months of 2013, together with year-on-year (yoy) growth.

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Indonesia's benchmark stock index (IHSG) was not able to continue its rebound. On Friday (15/11), the IHSG fell 0.73 percent to 4,335.45 points amid widespread profit taking. Foreign investors recorded net selling of IDR 193 billion (USD $16.9 million) on today's trading day. Moreover, investors are concerned about the impact of the higher interest rate of the central bank (7.50 percent), particularly on the property and banking sectors in the fourth quarter of 2013.

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Seperti yang kami sampaikan sebelumnya dimana pelemahan terbatas akan sulit tercapai dengan negatifnya sentimen yang justru datang dari dalam negeri. Aksi jual masih dimungkinkan akan berlanjut dan akan berpengaruh pada masih melemahnya IHSG. Laju IHSG bukannya membaik, justru semakin anjlok. Tampaknya pelaku pasar, terutama asing, memanfaatkan rilis kenaikan BI rate tersebut untuk jor-joran melakukan aksi jual. Rilis kenaikan BI rate tersebut tampak menjadi pembenaran dilakukannya aksi jual besarbesaran tersebut.

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Five more new public listings are expected on the Indonesia Stock Exchange (IDX) in the remainder of 2013 despite the current less rosy macroeconomic environment in Indonesia. The companies that are expected to conduct their initial public offering (IPO) are Indomobil Multi Jasa, Dwi Aneka Jaya Kemasindo, Blue Bird, Soechi Lines, and Sawit Sumbermas Sarana. So far this year, 26 Indonesian companies went public on the IDX. At the start of the year, the IDX targeted for at least 30 new listings in 2013.

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The Jakarta Composite index (Indonesia's benchmark stock index or IHSG) fell on Monday (11/11) amid mixed Asian markets. Not even positive finishes on Wall Street last Friday (08/11) were able to support the IHSG. Most investors seem to be waiting for results of Bank Indonesia's Board of Governor's Meeting which is scheduled for Tuesday (12/11). This meeting will provide answers about the central bank's view of the domestic economy and whether it thinks another adjustement of the BI rate is necessary.

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Contrary to most Asian indices, Indonesia's Jakarta Composite Index (IHSG) managed to post a gain on Thursday (07/11). The IHSG seemed to follow the upward movement of Wall Street on the previous day (06/11) after a number of Federal Reserve officials stated to support the continuation of the Fed's monthly USD $85 billion bond-buying program (quantitative easing). Despite continued foreign net selling, the IHSG index rose 0.82 percent to 4,486.11 points as domestic purchases offset foreign selling.

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