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Today's Headlines Jakarta Composite Index
While Asian markets are mixed on Wednesday morning (20/06), Indonesia's benchmark Jakarta Composite Index plunged 2 percent (to a four-week low) in the first five minutes after trading resumed after the long Eid al-Fitr holiday. Indeed a lot happened on the global stage since Indonesian markets closed on Friday 8 June 2018 that has not been absorbed by Indonesian assets. Therefore, today it is catch-up day for investors.
So far 2018 has been a great year in terms of initial public offerings (IPOs) on the Indonesia Stock Exchange. A total of 20 companies became publicly-listed companies in Indonesia in the first five months of 2018, thus there are now a total of 584 listed companies on the Indonesia Stock Exchange. Actually it is still a relatively low number compared to its regional peers and therefore local authorities continue to encourage more IPOs in an effort to deepen the country's financial markets.
While most Asian shares are in red territory amid some risk aversion, Indonesia's benchmark Jakarta Composite Index is skyrocketing on Thursday (24/05). In the first trading session of the day the benchmark index of Indonesia soared 2.39 percent to 5,930.13 points as foreigners are back to enjoy bargain hunting (before the start of trading today, the Jakarta Composite Index had weakened nearly 9 percent since the year-start).
While most Asian stocks (as well as US and European stock futures) are in green territory on Monday (21/05) on the back of easing concerns about a potential global trade war (led by the US and China), Indonesian assets remain under pressure. Over the weekend, US Treasury Secretary Steven Mnuchin said the US-China trade war is "on hold" following both sides' agreement to suspend any tariff threats for now. This has a positive impact on global markets.
Despite the interest rate hike, pressures on the Indonesian assets remained high on Friday (18/05) as the US dollar and US bond yields hold firm near their recent highs. By the end of the trading day the Indonesian rupiah had depreciated 0.70 percent to IDR 14,156 per US dollar (Bloomberg Dollar Index), touching lows we have not seen since late 2015.
The Indonesian rupiah and benchmark Jakarta Composite Index are again under pressure on Tuesday (15/05) as the 10-year US treasury yield is again touching 3 percent, while tensions in the Middle East increase and uncertainty about US-China trade relations persist ahead of a meeting between US and Chinese officials in Washington later this week where trade talks resume. Meanwhile, crude oil prices recovered to around USD $71 per barrel, approaching a 3.5 years high, on the back of reduced supply as OPEC reported that the global oil glut has been virtually eliminated.
Indonesian stocks, the rupiah and bonds are all under heavy pressure on Tuesday (08/05). Indonesia's benchmark Jakarta Composite Index plunged 2.12 percent to 5,760.35 points in the first trading session of the day. This performance is in stark contrast to most Asian stocks that are trading in green territory today. Meanwhile, the Indonesian rupiah has slipped above the IDR 14,000 per US dollar level. Lets take a look why.
Indonesia again led losses among Asian stock markets on Friday (04/05). The benchmark Jakarta Composite Index fell 1.13 percent to close at 5,792.35 points, its lowest position since August 2017. Most stocks in the Asia-Pacific region were in the red zone today as investors lack risk appetite ahead of the release of US payrolls data (due later today). Analysts expect to see a strong figure. Meanwhile, US unemployment is also expected to have eased slightly.
In line with expectations the US Federal Reserve left its benchmark interest rate unchanged in the range of 1.50 - 1.75 percent at the two-day May policy meeting (1-2 May 2018). The US central bank also said it expects the recent rise in inflation (approaching the Fed's target) to be sustained, thus markets are increasingly expecting an interest rate hike at the next policy meeting (scheduled for 12-13 June).
Indonesia's Jakarta Composite Index continued to be plagued by a sell-off on Thursday (26/04) after already having fallen 2.40 percent on the preceding trading day. Today the benchmark index of Indonesia plunged another 2.81 percent to 5,909.20 points amid climbing US treasury yields (passing beyond the psychological boundary of three percent).
Latest Columns Jakarta Composite Index
Indonesia's benchmark Jakarta Composite Index experienced another tough day on Monday (14/11). After Indonesian stocks plunged 4.01 percent on Friday, stocks fell another 2.2 percent today. Not only Indonesia, but most Asian markets are hit by the selloff, particularly the emerging markets of Southeast Asia. Investors are re-evaluating their emerging market assets now Donald Trump has been elected the next US president (and who can rely on a Republican-controlled US Congress). To make matters worse, current uncertainty is expected to persist in the next couple of months.
On Tuesday 8 November the people of the world's largest economy will vote for their next president. According to the latest polls the race between Hillary Clinton and Donald Trump is too close to call. This is the reason why we saw the global selloff last week: markets had already priced in a Clinton victory (who was leading the polls earlier) but when polls started to suggest a rather tight battle, many investors turned to safe haven assets. In the coming days investors will remain focused on the US presidential election.
Asian stocks, including Indonesia's benchmark Jakarta Composite Index, continue their persistent slide on Friday (04/11) ahead of the US presidential election on Tuesday 8 November 2016. By 10:45 am local Jakarta time, Indonesian stocks were down 0.29 percent to 5,314.00 points, while the rupiah had depreciated 0.14 percent to IDR 13,093 per US dollar (Bloomberg Dollar Index). Besides the too-close-to-call US election, investors are also keeping an eye on the mass demonstration in Jakarta today.
Indonesian assets were the worst performers in Asia on Thursday's trading day (03/11). Indonesia's benchmark Jakarta Composite Index (IHSG) fell 1.41 percent to 5,329.50 points, the largest single-day drop in the past two months. The performance of Indonesia was in line with the regional (and global) trend. Over the past couple of days a worldwide selloff occurred as polls indicate that the US presidential race between Hillary Clinton (Democrats) and Donald Trump (Republicans) is tighter than initially assumed.
In line with the performance of most stocks in Asia, Indonesia's benchmark Jakarta Composite Index plunged 1.66 percent to 5,281.92 points on Friday (09/09). Several matters brought negative market sentiments to Asia: the European Central Bank (ECB) seems unwilling to boost asset purchases, North Korea conducted its fifth nuclear test, while Indonesia's central bank announced that the nation's retail sales expanded at a slower pace in July 2016. Meanwhile, the Indonesian rupiah depreciated 0.34 percent to IDR 13,108 per US dollar (Bloomberg Dollar Index).
Many things happened this week. A devastating terror attack in Nice (France) killed at least 84 people, while - at the time of writing - a coup attempt occurred in Turkey (that seems to have failed). However, these events have little impact on the performance of global stocks and currencies (with the obvious exception of the Turkish lira). Wall Street touched record highs, while Indonesian stocks rose to a 13-month high and the Indonesian rupiah strengthened to a four-month high. Lets take a closer look at the performance of these markets over the past week.
As expected, Indonesia's benchmark Jakarta Composite Index fell on Friday (01/07) due to profit-taking after an impressive recent (relief) rally that brought the index into bull market territory earlier this week. Meanwhile, the Indonesian rupiah maintained its momentum, appreciating 0.72 percent to IDR 13,115 per US dollar on the first day of the new month, the currency's strongest level in three and a half months. Most Asian emerging markets have now repaired their earlier Brexit-induced losses.
The Indonesia Stock Exchange (IDX) is serious about becoming the largest stock exchange in the ASEAN region - in terms of transaction value and the number of listed companies - by the year 2020. Currently, Singapore remains the largest stock exchange in the ASEAN region with a market capitalization of about USD $640 billion (in 2015), nearly twice the size of Indonesia's stock exchange (the market capitalization is the number of total outstanding shares at the exchange multiplied by their stock prices).
Although Indonesia's benchmark Jakarta Composite Index has risen 4.81 percent since the start of 2016 (thus being among the world's best-performing benchmark stock indices so far this year, especially if the 5.17 percent appreciation of the rupiah is included into the calculation), not all Indonesian blue chip stocks, or big caps, have risen. Several examples are Blue Bird, Bank Pan Indonesia, Bank Permata, Global Mediacom, Surya Citra Media, and Sarana Menara Nusantara. Why did these stocks not rise so far in 2016? We zoom in on three cases.
When we look at all of the activity in financial markets this year, some interesting trends have started to emerge for those looking to invest in Asia. Stock markets in Indonesia have shown strong rallies, and have started to reverse many of the multi-year declines that have been characterizing the region. This inspired a great deal of attention for Indonesia’s stock benchmarks, as it is looking increasingly likely that improvements in the underlying economic data will continue bringing in buyers for these markets.
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