Photo by Mckinsey
JAKARTA (TheInsiderStories) — Window dressing, the year-end profit taking, has stepped up stocks market yesterday. The Jakarta Composite Index (JCI) rose by 1.02 percent to 6,190.64 while Rupiah strengthened to 14,563 over the greenback, went up by 0.26 percent after slumped quite bad a day before.
Foreign funding was also seen entering the market at Rp247.5 billion (US$17.07 million). Analysts predicted that the market will continue its ascend until this year’s market-closing.
On Thursday (12/27), all sectors closed in green. Property and construction sector led the advancement by growing 2.05 percent. Followed by basic industry and chemical sector with 1.37 percent and mining sector with 1.34 percent.
JCI’ hike was also triggered by Wall Street that has its highest rally in the last nine years. United States retail sales that go up during Christmas holiday blew positive sentiment to the stocks market.
While, Bank Indonesia released third quarter data of international investment position. Indonesia foreign exchange reserve slashed to $114.84 billion. The decline was caused by foreign exchange use for paying government foreign debt and Rupiah exchange stabilisation. Until September, Rupiah has depreciated around 12.65 percent.
Moreover, the international investment position stated that foreign financial obligations was higher compared to the foreign financial assets. Indonesia has $633.6 billion foreign financial obligations and $336.6 billion foreign financial assets.
From politic side, the General Elections Commission held the draw for the 2019 presidential and vice presidential debate. The debate will be held five times starting Jan. 17, 2019 to April 2019.
Various strategic issues were raised as themes to be paralleled with the two opposing teams visions and mission platforms. At this debate the presidential and vice-presidential candidates will discuss law, human rights, corruption, terrorism to the economic issues.
Moreover, US and China will review the trade tariff, following US President Donald Trump and Chinese President Xi Jinping agreement on 90-day truce, in G20 sidelines meeting earlier this month. Both countries have now scheduled another talk in Beijing, January 2019. The spat between these two economic superpowers has convulsed global economy in 2018 and now the world expects trade peace between them.
May you have a profitable day!
US$1: Rp14,500
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia