TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Indonesian stocks rally to record high as foreign investors buy
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
The trading floor of the Indonesia Stock Exchange (IDX) in Jakarta. (JP/Wienda Parwitasari)
I
ndonesian stocks rallied to record high, as foreign investors continued to buy local stocks after biggest daily net inflow in five months.
The Jakarta Composite Index rose as much as 0.7 percent to an all-time high of 5,557.98 before trimming its gains to 0.2 percent. Foreign funds bought $138 million of Indonesian stocks on Thursday, biggest daily inflow since Oct. 10.
“Speculation that Indonesia is going to get its ratings upgraded by S&P has been boosting foreign investors’ interest,” Jemmy Paul, investment director at PT Sucorinvest Asset Management in Jakarta, wrote in a text message. “Foreign buying continues today.”
PT Bank Rakyat Indonesia jumped 3 percent, providing benchmark with its biggest boost. A gauge for financial stocks rose 1.1 percent, the most among 9 industry measures in the Jakarta Composite. A possible ratings upgrade will also lure foreign investors to continue buying Indonesian bonds, Goldman Sachs Group Inc. said in a note.
