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Jakarta Post

Hope for COVID-19 vaccine propels Indonesian stocks

  • Riska Rahman and Adrian Wail Akhlas

    The Jakarta Post

PREMIUM
Jakarta   /   Wed, November 11, 2020   /  07:25 am
The Jakarta Post Image
Employees walk near a screen displaying stocks movement in the Indonesia Stock Exchange (IDX) building in Jakarta on Feb. 28, 2019. (Antara/Rivan Awal Lingga)

Indonesian stocks soared on Tuesday to a level unseen since March as hope for a COVID-19 vaccine boosted investors’ appetite for risky assets. The Jakarta Composite Index (JCI), the main gauge of the Indonesia Stock Exchange (IDX), gained 1.99 percent and closed Tuesday’s session at 5,462.74, a level last seen in early March when the impact of the coronavirus outbreak started battering the stock market. The rupiah appreciated 0.05 percent to 14,057 against the United States dollar. Foreign investors bought Rp 2.25 trillion (US$158.76 million) worth of stocks more than they sold on the day, shedding some net sell recorded by them so far this year to Rp 44.09 trillion. Banking stocks moved the index, with state-owned Bank Rakyat Indonesia (BRI), privately owned Bank Central Asia (BCA) and state-owned Bank Mandiri becoming the top three movers on the day. “Th...