Dayaindo Resources International (listed code: KARK), an Indonesian natural resources and mining, renewable energy and infrastructure investment company, will be delisted from the Indonesia Stock Exchange (IDX) on 27 December 2013. Procedures for the delisting started today (Wednesday 27/11). In July 2013, the IDX had already temporarily suspended trading in shares of Dayaindo Resources International due to the company's outstanding debt to several creditors.

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The Financial Services Authority of Indonesia (Otoritas Jasa Keuangan, abbreviated OJK) is studying the possibility to raise the minimum ratio of shares that has to be offered to the public for an initial public offering (IPO) to 30 percent. Currently, a company that conducts an IPO on the Indonesia Stock Exchange (IDX) needs to offer at least 10 percent of its enlarged capital to the public. Previously, the stock exchange had suggested to raise the minimum ratio to 20 percent. However, the OJK seems eager to push the boundary higher.

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Concerns about the looming end of the Federal Reserve's monthly USD $85 billion stimulus program (known as quantitative easing or QE3) in combination with the deteriorating domestic economy of Indonesia has caused Indonesia's benchmark stock index (IHSG) to plunge 1.95 percent in the first trading session of 13 November 2013. The Indonesian rupiah exchange rate depreciated 0.28 percent to IDR 11,600 according to Bloomberg. These developments happen one day after the decision of Indonesia's central bank to raise the BI rate to 7.50 percent.

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Sawit Sumbermas Sarana, a subsidiary of palm oil plantation company Citra Borneo Indah, plans to release 15.7 percent of its shares (1.5 billion shares) to the public through an initial public offering (IPO). The IPO will be conducted in November 2013. The book building takes place between 7 and 20 November and the official listing on the Indonesia Stock Exchange is scheduled for 12 December 2013. The underwriters of the IPO are BNP Paribas Securities, Mandiri Sekuritas and RHB OSK Securities.

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Blue Bird, the biggest taxi operator of Indonesia, aims to raise IDR 5 trillion (USD $450 million) through an initial public offering (IPO) on the Indonesia Stock Exchange, which is expected to be conducted in November 2013. This would make it the largest Indonesian IPO since food producer Indofood CBP Sukses Makmur raised USD $696 million in 2010. Blue Bird allegedly appointed Credit Suisse, UBS and Danareksa Sekuritas to act as underwriters. It has been speculated that the company will sell 20 to 40 percent of its stock equity.

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The Indonesia Stock Exchange expects that 30 companies will conduct their initial public offering (IPO) on the Indonesia Stock Exchange (IDX) in 2014. This target is the same as the target that had been set for this year. Next year, legislative and political elections in Indonesia will bring some uncertainties to the Indonesian market and may be a reason for some companies to postpone the IPO. Up to now, six companies have announced to conduct their IPO in 2014. In 2013 so far, 25 companies have been newly listed on the IDX.

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SidoMuncul Herbal, Indonesia´s largest herbal medicine producer, is expected to conduct an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) in the fourth quarter of 2013. The company, established in 1951, is a fully-modernized herbal company that strives to produce and market products that support the people´s health and well-being. The company will release 20 percent of its shares on the IDX and targets to raise IDR 1.5 trillion (USD $130 million). Kresna Securities acts as underwriter for the IPO.

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Indonesia’s economy continues to adjust, as weaker commodity prices, tighter international financing, and slowing domestic demand moderate the growth rate to 5.6 percent for 2013. This downward revision is discussed in the latest edition of the World Bank’s Indonesia Economic Quarterly (IEQ). Further moderation of growth (at 5.3 percent) may be expected in 2014, with growth in high income economies firming but international market conditions likely remaining volatile.

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The government of Indonesia is busy preparing an extra package of policy responses aimed at stabilizing Indonesia's financial markets. Previously, the government had released a sort of 'rescue package' in late August after the rupiah depreciated sharply and the country's stock indices plunged. Panic had emerged due to the looming end of the Federal Reserve's quantitative easing program. Coupled with internal issues, it resulted in robust capital outflows from Indonesia. The new package will be released in October.

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The company profile of the Blue Bird Group has been updated in the Indonesian Companies' section. The Blue Bird Group is Indonesia's largest taxi operator with a current fleet size of about 26,000 taxis. The company is planning to conduct its initial public offering (IPO) on the Indonesia Stock Exchange (IDX) in the fourth quarter of 2013, through which it aims to raise over USD $600 million. It has been reported that Credit Suisse, Rothschild and UBS will act as underwriters. Funds will be used for expansion and rejuvenation of its taxi fleet.

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The Indonesia Stock Exchange (IHSG) experienced a mixed week. At the start of the week, the index rose, but towards the end of the week it weakened, although ending in the green on Friday. Recently, the IHSG has hit record levels, and this makes market participants worried that the index might fall in case there emerge negative market sentiments. These concerns are what made the index turn away from the next psychological boundary: 5,000 points.

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On Thursday 4 April 2013, market players were hoping that the Indonesia Stock Exchange (IHSG) would climb beyond the psychological level of 5,000. However, the presence of negative market sentiments - and the overbought condition of the IHSG - were used as reasons to engage in profit taking. It consequently pushed down Indonesia's main financial market indicator to the level of 4,922.61, an 1.18 percent fall compared to Wednesday's trading day.

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Despite positive results of monthly US Factory Orders and Economic Optimism, it did not support Asian stock markets up to the end of Wednesday's trading day. The Indonesia Stock Exchange (IHSG), on the other hand, maintained its upward movement to reach 4,981.47, a 0.49 percent gain. Matters that supported the IHSG's performance to yet another new record high level, were well-received 2012 company reports as well as expected dividend payouts.

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Usually, news about inflation is not well-received by market participants. Particularly when inflation turns out to be higher than expected. This time, however, something interesting happened in Indonesia. Although the country's March inflation rate was high (5.90 percent year-on-year), it was not followed up by a negative response of market players. In fact, the inflation rate seems to have strengthened the Indonesia Stock Exchange (IHSG), which gained 0.40 percent on Tuesday.

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With a number of important global stock exchanges still closed due to Easter, it seemed that the Indonesia Stock Exchange (IHSG) lacked a reference point to which it could cling. It is also likely that market participants have already consumed most of the 2012 corporate company reports and are therefore not waiting for new data of listed companies. Moreover, today's announcement of the relative high inflation rate of March did not support the IHSG either.

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This column is the first in a series of columns about investing in Indonesia, in particular about investing in its capital markets. These columns are written by David Sutyanto, research analyst at First Asia Capital, and - as this column is the starting point - he will provide a short and broad outline of the Indonesian capital markets for now. Later, his columns will contain topics that delve more deeply into the capital markets, such as listed companies, and much more.

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Not only the upward movement of most Asian stock markets, but also a number of positive company reports (regarding corporate performances of 2012) supported the Indonesia Stock Exchange (IHSG) to reach a new record-high level of 4,928.10 on Wednesday, implying an 1.77% increase compared to the previous trading day. Moreover, American and European stock markets had ended higher on Tuesday due to positive data, thus discarding turmoil related to Cyprus.

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After speculation began to spread that an agreement would be reached between Cyprus and Troika (made up of the European Union, the European Central Bank and the IMF), Asian stock markets went up, including the Indonesia Stock Exchange (IHSG). Despite foreigners' appetite for selling Indonesian assets, the index rose as it was lifted by domestic market participants' appetite for purchasing those stocks that experienced a fall on the previous trading day.

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The rise of the Indonesia Stock Exchange (IHSG) at the start of today's session was not sustained. It disappointed market participants who were hoping that Indonesia's main index would continue its upward movement supported by strengthening American and European stock indices after it became known that Cyprus will stay in the Euro-zone and the Federal Reserve will continue its bond-buying program.

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Despite global concerns, the bailout issue in Cyprus did not push Asian stock markets - including the Indonesia Stock Exchange (IHSG) - further in a downward spiral. From today's rebound of Asian stock indices we can conclude that market participants were optimistic after the meeting of the Cyprus parliament. Previously, panic emerged as imposition of fees to depositors was announced, although it is still planning only and not in effect yet.

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