JAKARTA. Indonesia’s new President, Joko “Jokowi” Widodo, received a warm welcome from the financial market as local stocks, bonds and the rupiah all strengthened on the day of his inauguration over expectations that the seventh president will push for reforms and bolster growth in Southeast Asia’s largest economy. The Jakarta Composite Index (JCI) — the main price barometer in the Indonesia Stock Exchange – hit 5,101.21 shortly before Jokowi’s 10 a.m. inauguration ceremony and closed at the highest level in two weeks at 5,040. The rupiah gained 0.64 percent to trade at Rp 12,032 per US dollar. The yield on the government’s 8.37 percent bonds maturing in March 2024 fell 15 basis points, the steepest since Feb. 14, according to data compiled by Bloomberg. Yields move in the opposite direction to prices, so lower yields mean higher prices.
Market greets Jokowi as rupiah, stocks rally
JAKARTA. Indonesia’s new President, Joko “Jokowi” Widodo, received a warm welcome from the financial market as local stocks, bonds and the rupiah all strengthened on the day of his inauguration over expectations that the seventh president will push for reforms and bolster growth in Southeast Asia’s largest economy. The Jakarta Composite Index (JCI) — the main price barometer in the Indonesia Stock Exchange – hit 5,101.21 shortly before Jokowi’s 10 a.m. inauguration ceremony and closed at the highest level in two weeks at 5,040. The rupiah gained 0.64 percent to trade at Rp 12,032 per US dollar. The yield on the government’s 8.37 percent bonds maturing in March 2024 fell 15 basis points, the steepest since Feb. 14, according to data compiled by Bloomberg. Yields move in the opposite direction to prices, so lower yields mean higher prices.