Asian shares edged closer to 14-month highs on Friday, while the dollar was on the defensive as investors grew more convinced that the Federal Reserve is settling into a phase of very gradual interest rate hikes, Reuters reported. The rallies began after the Fed on Wednesday maintained the low-interest rate environment that has helped underpin the bull market for stocks since the global financial crisis in 2008. At home, the Composite index of the Indonesia Stock Exchange (IDX) gained 0.7% to close at 5,380 Thursday (Sept 22), but profit taking hit certain stocks, leading the index to close off its its high yesterday. Foreign investors booked net sell of Rp229.5 billion, cutting year-to-date net buy to Rp34.46 trillion.
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