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Stock market cheers Cabinet reshuffle with 1% hike
The Jakarta Composite Index (JCI) ended the trading session on Wednesday with a 1 percent increase, or 49.96 points, to 5,274.36, responding to a Cabinet reshuffle that saw Sri Mulyani Indrawati named finance minister.
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An employee of the Indonesia Stock Exchange (IDX) walks past the trading panel at the IDX building in Jakarta on March 28. (ANTARA FOTO/Sigid Kurniawan)
Ayomi Amindoni
The Jakarta Composite Index (JCI) ended the trading session on Wednesday with a 1 percent increase, or 49.96 points, to 5,274.36, responding to a Cabinet reshuffle that saw Sri Mulyani Indrawati named finance minister.
An economist at Samuel Securities, Rangga Cipta, said Sri Mulyani’s return to the government’s economic team had filled the market with positive sentiment. She replaces Bambang Brodjonegoro, who moves to helm the National Development Planning Board (Bappenas) .
"The market responded to her return positively because investors have witnessed her strong performance in the past years," Rangga said as quoted by bareksa.com in Jakarta on Wednesday.
According to bareksa.com data, five state-owned companies have been targeted by foreign investors after the reshuffle announcement. They are Bank Mandiri (BMRI), PT Telkom Indonesia (TLKM), PT Semen Indonesia (SMGR), PT Adhi Karya (ADHI), and Perusahaan Gas Negara (PGN).
State Secretary Pratikno explained the President had chosen Sri because she has very proven and experienced in various assignments, particularly in economics and finance. "She also has a good network and is widely trusted at the international level," he said.
On her LinkedIn page, Sri stated that she would dedicate all efforts to “accelerating Indonesia's development agenda with the goal of providing more and better services, particularly to the poor, and ensuring that all citizens are able to participate in the benefits of a thriving economy”. (ags)
