Indonesia’s decision to raise import tariffs for food, cars, clothes as well as various other consumer goods put additional downward pressure on Indonesian stocks on the last trading day of the week (24/07). Those listed companies (retailers) that rely on imported goods saw their shares tumble as a consequence of the higher import tariffs. The Indonesian Finance Ministry raised import duties for consumer goods between 10 and 150 percent (depending on product) in a bid to boost the country’s consumer goods industry and curtail imports.

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It is expected to be another difficult day for Indonesian stocks and the rupiah as there are few to none positive market sentiments that can support these assets on today’s trading day. Wall Street closed lower on Thursday (23/07) for the third consecutive day on disappointing financial results of several big companies, dragging down indices in the East. Commodity indices continue to fall (oil returning to bear market on resilient US output and rising OPEC supply). Meanwhile, sharp rupiah depreciation makes investors nervous.

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Perdagangan saham di Bursa Efek Indonesia (BEI) dimulai kembali pada hari Rabu (22/07) setelah libur Idul Fitri selama 4 hari berakhir. Segera setelah dibuka, Indeks Harga Saham Gabungan (IHSG) naik 0,50% karena optimisme para investor mengenai performa terkini yang baik dari pasar saham global setelah Yunani yang terbeban hutang mencapai kesepakatan dengan para koordinator internasionalnya sementara guncangan di saham Republik Rakyat Tiongkok (RRT) memudar.

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Pada hari Selasa (14/07), perusahaan konstruksi dan pengembang properti Binakarya Jaya Abadi menjadi perusahaan ke-11 yang didaftarkan di Bursa Efek Indonesia (BEI) di 2015. Perusahaan ini menawarkan 150 juta saham, 25% dari modal ditempatkan dan disetor penuh dalam penawaran saham perdana (initial public offering/IPO) dengan harga penawaran Rp 1.000 per saham, mengumpulkan Rp 150 miliar. Kendati sentimen pasar lemah, saham perusahaan ini naik 50% dalam debut perdagangannya di BEI. RHB OSK Securities adalah underwriter untuk IPO ini.

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Sejalan dengan tren global, saham Indonesia terus naik pada Selasa (14/07). Kebanyakan indeks-indeks saham (di seluruh dunia) terus bergerak dalam wilayah hijau setelah Yunani yang dibebani banyak hutang mencapai kesepakatan dengan kreditor internasionalnya - setelah pertemuan darurat selama 17 jam - untuk sebuah paket penghematan yang akan tetap mempertahankan Yunani di dalam zona euro. Indeks Harga Saham Gabungan (IHSG) telah naik 0,60% menjadi 4.923,36 poin pada pukul 11:45 WIB pada hari Selasa.

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Penyedia solusi teknologi informasi Anabatic Technologies, menjadi perusahaan ke-10 yang mendaftarkan diri di Bursa Efek Indonesia (BEI) di 2015. Dengan menjual 375 juta saham, atau 20% dari modal ditempatkan dan disetor penuh dalam IPO, Anabatic Technologies mengumpulkan Rp 262,5 miliar. Dalam penawaran saham perdana (initial public offering/IPO) 10% dari saham Anabatic dibeli oleh penyedia solusi teknologi informasi asal Jepang TIS. Melalui kemitraan ini, Anabatic memprediksi akan memperluas bisnisnya di luar Indonesia.

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Indonesian stocks and the rupiah weakened further on Wednesday (08/07) due to the continuing fall of Chinese stocks (raising concerns about global economic growth) and the downward revision of the World Bank and Asian Development Bank (ADB)’s economic growth forecasts for Indonesia in 2015. Furthermore, global uncertainty brought about by the looming Greek exit (Grexit) from the euro continues to plague markets worldwide and makes investors prefer to wait for more certain times.

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Agus Martowardojo, Governor of Indonesia’s central bank (Bank Indonesia), predicts that the current economic turmoil in the Eurozone, caused by the Greek debt crisis, will impact on the stability of developing countries, including Indonesia. Although in terms of both trade and investment there should not be a real impact originating from Greek turmoil, the perception of macroeconomic stability will be somewhat hit on the back of global uncertainty. In line with most markets, Indonesian stocks and the rupiah weakened on Monday (06/07).

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Seperti yang telah diprediksi saham-saham Indonesia dan juga rupiah melemah pada pembukaan perdagangan di hari Senin pagi (06/07). Performa ini sejalan dengan arah pasar-pasar lain di Asia. Alasan utama di balik performa ini adalah hasil dari referendum Yunani, diadakan pada hari Minggu (05/07), yang menunjukkan bahwa para pemilih Yunani sangat menolak rencana-rencana reformasi yang dituntut oleh para kreditor internasionalnya. Ini secara serius membahayakan masa depan Yunani di zona euro.

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Meskipun Indonesia dianggap sebagai salah satu perekonomian Asia yang sangat rentah terhadap keluarnya Yunani dari zona euro (Greek exit/Grexit), saham dan rupiah Indonesia tidak melemah sebanyak aset-aset pasar negara berkembang lainnya pada hari Senin (29/06), hari perdagangan pertama setelah hancurnya pembicaraan antara Yunani, yang dibebani banyak hutang, dengan para kreditor internasionalnya. Indeks Harga Saham Gabungan (IHSG) jatuh 0,82% menjadi 4.882,59 poin sementara rupiah melemah 0,24% menjadi Rp 13.339 per dollar AS (Indeks Bloomberg).

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The release of Indonesia's April deflation figure (0.10%) and orderly May Day demonstrations provided a good environment for investors to continue purchasing Indonesian stocks (despite uncertainty about Indonesia's subsidized fuel policy. Moreover, positive Asian stock indices - in combination with positive European openings on Wednesday - made the Indonesia Stock Index (IHSG) rise to a new record level of 5,060.92 points on Wednesday (01/05/13), a 0.53 percent gain.

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Even though American and European stock indices were positive on Monday (in fact S&P 500 set a new record) it did not impact directly on the performance of Indonesia's main stock index (IHSG) on Tuesday (30/04/13). In the first session, the IHSG's peak at 5,014 points was only short-lived and quickly lowered again. In the second session, however, the index started to show more solid growth (despite the ongoing uncertainty about Indonesia's subsidized fuel price) as Asian stock markets were mostly up.

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After two consecutive days of decline, the Jakarta Composite index (IHSG) had no intention to continue its fall. Indonesia's main index was able to rise 0.43 percent to 4,999.75 points on Monday 29 April 2013. Stocks that had been weakening in recent days were popular among investors. Moreover, both Asian stock indices and foreign net purchases of Indonesian stocks supported Indonesia's index, although it fell short of reaching the psychological boundary of 5,000 points.

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Last week Indonesia's main stock index (IHSG) was mixed with a weakening trend. The index lost 19.9 points, equivalent to 0.40 percent of its value. During the last month, the index consolidated within the range of 4,800 and 5,030 points. Foreign funds continued to pour in and trade volume remained high although below average trade in the last three weeks. In fact, our technical indicators are showing signs that Indonesia's main stock index has become saturated.

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On Friday's trading day, the Indonesia Stock Index (IHSG) started in an upward direction. However, as it felt the impact of European stock indices, that mostly opened lower, the IHSG weakened 0.32 percent to 4,978.51 points. Moreover, most other Asian indices were down (except for Hong Kong's HSI) and thus contributed to the IHSG's fall. Market participants also seem to fear the annual 'May Cycle' of the IHSG, which involves the traditional large-scale selling of IHSG stocks.

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Foreign investment in Indonesia has maintained its steady pace in the first quarter of 2013. Ahead of next year's presidential and legislative elections, which trigger uncertainties about the future course of the country, foreigners have bought more Indonesian stocks in Q1-2013 than in the four quarters of 2012 combined. Moreover, foreign direct investments (FDIs) have increased by 27 percent (YoY) in Q1-2013 and show an interesting shift towards Indonesia's manufacturing sector.

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Today, the Jakarta Composite Index (IHSG) was under pressure from the start of the trading day. It was negatively affected by mixed Asian indices as well as yesterday's mixed American indices (where the Dow Jones Index weakened whereas other American indices gained). It made investors, in particular foreign investors, eager to sell parts of their stock portfolios. At the end of today's trading day, the IHSG stood at 4,994.52, a 0.34 percent fall compared to yesterday.

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Positive moving stock indices in America and Europe on Tuesday (responding to various good corporate Q1-2013 data) were able to offset negative influence caused by weak manufacturing data from China and Europe. As a result Asian indices rose on Wednesday, including the Indonesia Stock Index (IHSG) which managed to reach beyond the psychological boundary of 5,000 points. The index ended at the level of 5,011.61, a 0.73 percent gain compared to the previous trading day.

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Rising American and European stock indices last Friday, helped to support Asian stock indices today (22 April 2013), including the Indonesia stock index (IHSG). However, the ongoing drama brought on by last Saturday's earthquake in China, impacted on the China stock index as well as on other Asian stock indices, including the IHSG. As the IHSG has been showing signs that it is overbought, market participants preferred to sell portions of their stock portfolios, resulting in a limited fall of the IHSG.

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Last week, the International Monetary Fund (IMF) published its World Economic Outlook (edition April 2013) titled "Hopes, Realities and Risks". In the report, the IMF lowered its forecast for global economic growth from an initial 3.5 percent (January edition) to 3.3 percent currently. Although the IMF lowered its economic forecasts for most countries (including emerging markets as a whole), it revised up its projection for the ASEAN-5 countries¹ by 0.3 percent to 5.9 percent.

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