JAKARTA (Yosefardi) – Investors responded positively over the fuel price hike, adding their moods of buying local stocks this morning. Composite index of the Indonesia Stock Exchange (IDX) gained 0.6% to 5083 at 9.30 am Jakarta time.
While Japan stocks surged 2% Tuesday on the back of a steep drop in the last session as traders put news the country slipped into a recession behind them.
Nymex’s crude oil declined 0.37% to US$75.36 per barrel in Asian trading while gold rose 0.14% to US$1,185.20 per ounce.
Aneka Tambang gained 1.1%, London Sumatra rose 1%, Wijaya Karya hiked 1.5%, and Bumi Resources Minerals lifted 1.25%. While Adaro Energy fell 1%.
President Joko Widodo has last night announced his decision to raise the price of subsidized gasoline from Rp6500 to Rp8500 per litre or about 30.8% hike and to raise subsidized diesel fuel price from Rp5500 to Rp7500 or about 36.36% hike.