11 November 2019 (closed)
USD/IDR (14,069) -29.00 -0.21%
EUR/IDR (15,513) +3.99 +0.03%
Jakarta Composite Index (6,148.74) -29.25 -0.47%
The last trading day of 2015 on the Indonesia Stock Exchange has passed and now it is time to look back on the performance of Indonesia's benchmark stock index (Jakarta Composite Index) and the rupiah during 2015. The year 2015 was a hectic year, characterized by volatile behavior due to uncertainty about the timing of the looming US interest rate hike (which was finally decided upon by the Federal Reserve in December 2015) and the economic slowdown of China.
Despite the hectic circumstances, listed companies on the Indonesia Stock Exchange (IDX) managed to raise IDR 120.1 trillion (approx. USD $8.8 billion) during 2015, up 30.4 percent from funds generated during the year 2014. Total fund raising on the IDX in 2015 consisted of the issuance of corporate bonds (IDR 62.4 trillion in 2015), rights issues (IDR 45.4 trillion), initial public offerings (IDR 11.3 trillion), and warrants (IDR 824 billion).
Tito Sulistio, General Director of the IDX, said fund raising in 2015 from initial public offerings (IPOs) on the Indonesia Stock Exchange exceeded IPO funds raised last year (IDR 8.30 trillion). Sulistio is convinced that proceeds from IPOs will rise further in 2016 as the number of IPOs is set to increase. During 2015 only 16 companies conducted an IPO on the IDX (due to the unconducive domestic and global environment), while next year the IDX targets to see 35 new listings (meanwhile three listed companies were removed during 2015: Davomas Abadi, Bank Ekonomi Raharja, and Unitex).
However, most of fund raising in 2015 originated from corporate bonds. Sulistio said a total of 38 companies raised IDR 62.4 trillion, up 6.6 percent from proceeds last year through bond issuances. Total corporate bond proceeds in 2015 consisted of IDR 59.3 trillion worth of conventional bonds and IDR 3.1 trillion worth of Islamic bonds (Sukuk). Although Sukuk only accounts for a small portion of total issued bonds (as Islamic finance remains a largely untapped potential in Indonesia), it is growing rapidly. Issuance of Sukuk grew 243.6 percent year-on-year (y/y) to IDR 3.1 trillion in 2015 from IDR 923 billion in the preceding year.
Read Column: Analysis of Indonesia's Islamic Banking Industry
On Thursday (30/12) the Jakarta Composite Index closed at 4,593 points, down 12.13 percent from the final position last year (5,227 points). This performance was one of the weakest performances among benchmark stock indices in Asia. Only the indices of Singapore and Thailand performed worse in 2015 (see table below). Capital outflows were the result of severe uncertainty amid the looming US interest rate hike, concern about the economy of China (particularly after it weakened its yuan in order to boost its export performance), and sluggish economic growth in the Eurozone and Japan.
Growth Benchmark Stock Indices in 2015:
|Country|| Year to Date Performance
Benchmark Stock Index
data up to 30 December 2015
Source: Investor Daily
Indonesia is particularly vulnerable to capital outflows as it is plagued by a wide current account deficit, a fragile rupiah, slowing economic growth and because a relatively high portion of the country's assets are in foreign hands.
Jakarta Composite Index (IHSG):
The daily average stock transaction value on the Indonesia Stock Exchange was IDR 5.77 trillion (approx. USD $421 million) in 2015, down 4.0 percent from last year, while the daily average transaction volume rose 4.4 percent to 221,942 times in 2015.
Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) depreciated 10.9 percent to IDR 13,795 per US dollar in 2015.
Indonesian Rupiah versus US Dollar (JISDOR):| Source: Bank Indonesia
Last Update: 30 Nov 2018
IPOs on the Indonesia Stock Exchange in 2015
|Company||P: 30 Nov 2018||P: 29 Nov 2018||Gain/Loss||P/E ttm||Yield %||Gain/Loss YTD|
|Bank Yudha BhaktiBBYB||284||290||-2.07%||N/A||0.00%||-17.92%|
|Mitra Keluarga KaryasehatMIKA||1,590||1,510||5.30%||N/A||0.00%||-10.67%|
|Mitra Energi PersadaKOPI||740||740||0.00%||N/A||0.00%||0.00%|
|PP Properti Tbk.PPRO||115||125||-8.00%||N/A||0.00%||-39.15%|
|Mega Manunggal PropertyMMLP||525||520||0.96%||N/A||0.00%||-10.26%|
|Merdeka Copper GoldMDKA||2,840||2,840||0.00%||N/A||0.00%||26.79%|
|Bukaka Teknik Utama Tbk.BUKK||1,750||1,800||-2.78%||N/A||0.00%||12.90%|
|Garuda Metalindo Tbk.BOLT||975||985||-1.02%||N/A||0.00%||-2.99%|
|Anabatic Technologies Tbk.ATIC||850||880||-3.41%||N/A||0.00%||-2.30%|
|Binakarya Jaya Abadi Tbk.BIKA||214||214||0.00%||N/A||0.00%||-30.52%|
|Bank Harda Internasional Tbk.BBHI||170||167||1.80%||N/A||0.00%||53.15%|
|Victoria Insurance Tbk.VINS||86||89||-3.37%||N/A||0.00%||-54.74%|
|Mitra Komunikasi Nusantara Tbk.MKNT||195||200||-2.50%||N/A||0.00%||-26.14%|
|Dua Putra Utama Makmur Tbk.DPUM||153||153||0.00%||N/A||0.00%||-43.75%|
|Indonesia Pondasi Raya Tbk.IDPR||700||700||0.00%||N/A||0.00%||-33.33%|
|Ateliers Mecaniques D Indonesie Tbk.AMIN||344||340||1.18%||N/A||0.00%||-14.43%|
Green colour indicates upward movement
Red colour indicates downward movement
P = price; E = earnings; D = dividend; Yield = D/P
"N/A" indicates P/E < 0 (negative earnings)
"-" indicates E,D,P or YTD is not available