JAKARTA (Yosefardi) – Composite index of the Indonesia Stock Exchange (IDX) opened lower this morning, but regained 0.05% to 5098 at 9.29 am Jakarta time as the cabinet reshuffle might support the market sentiment.
President Joko “Jokowi” Widodo revealed about the cabinet resuffle in near future for the sake of restoring the economy. President needs to replace some current ministers as they failed to fix the red tape problems which disturb the implementation of programs for economic developments. The business sector has disappointed with the red tape issues.
The IDX fell 0.67% yesterday and dropped 1.6% on Wednesday. Foreign investors booked net sell of Rp385.2 billion yesterday, cutting year to date to Rp6.89 trillion.
This morning Bank Rakyat Indonesia gained 1.12%, Bank Mandiri rose 1.19%, Bank Tabungan Negara hiked 1.78%, and Bumi Resources Minerals climbed 2.42%. While Bumi Resources fell 1.3%, Lippo Karawaci lost 1.25%, Timah declined 1.2%, and Multipolar shed 1.4%.
Asian shares got off to a tentative start on Friday while bonds snapped a vicious losing streak and the euro retreated as investors braced for U.S. jobs data, Reuters reported.