Foreign tourist arrivals to Indonesia declined 3.99 percent year-on-year (y/y) to 723,039 tourists in January 2015 according to data from Statistics Indonesia released on Monday (02/03). The primary reason for this decline is that - this year - Chinese New Year fell in February, whereas last year this event fell in January thus boosting foreign tourist arrivals in January 2014. Therefore, it is expected that tourist arrivals in February 2015 will climb sharply neutralizing the decline in the previous month.

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Indonesia is the world's largest archipelago. Due to the country's sheer size (implying diversity) it contains a variety of different religions and traditional beliefs. The Constitution of Indonesia, a secular democratic country containing a Muslim-majority population, guarantees all Indonesian citizens the freedom of worship, each according to his or her own religion or belief. This also means that Indonesia contains many, mostly religion-inspired, public holidays on which financial markets are closed.

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In line with most Southeast Asian stock markets and currencies, Indonesian stocks and the rupiah were rather flat with a tendency to weaken slightly on Tuesday (17/02). Most investors seem to avoid trading in this short trading week (On Thursday 19 February markets will be closed due to Chinese New Year celebrations). Moreover, market participants in Indonesia are waiting for the central bank’s interest rate decision later today. Lastly, failed talks between Greece and its creditors on Monday dented sentiment across Asia.

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It seems that the Indonesia Stock Exchange (IHSG) was blessed by the Chinese new year celebrations as it closed higher on Monday than on the previous trading day. This is a better performance than usual on the days around the new year. If we take a look at the period 2008-2012, the IHSG declined three times on the day before new year, and twice on the day after. This year, the IHSG declined on the day before by -0.26% and increased by 0.27 on the day after.

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