Category: Market

October Trade Deficit

Indonesia returned to trade deficit in October with US$1.82 billion, second largest monthly deficit this year, putting pressures on current account deficit (CAD) and rupiah. Deficit in oil and gas contributed US$1.43 billion, mainly due to higher average prices of crude oil and refined products in the month. 

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Market Data

Foreign investors returned to buying local stocks on Wednesday (Nov 14), while domestic investors opted to lock in profits and so the composite index of the Indonesia Stock Exchange (IDX) closed off its high. IDX ended up 0.4% at 5858, cutting earlier gain of 1.06%. Foreign investors booked a net buy of Rp530.77 billion yesterday, cutting year-to-date net sell to Rp48.1 trillion.

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Market Snapshots

After two days of corrections, the composite index of the Indonesia Stock Exchange (IDX) returned to gain on Tuesday (Nov 13), closing higher 1% at 5,835 on the back of buying by domestic investors. Foreign investors, meanwhile, booked a net sell of Rp158 billion, bringing year-to-date sell to Rp48.64 trillion.

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Mixed Q3 Results of Telco Towers

Unlike tower operator Sarana Menara Nusantara (TOWR), Tower Bersama Infrastructure (TBIG) reported a 21.7% decline in net profit to Rp216 billion for the third quarter (Q3) of 2018, due to a 350% jump in income tax expenses to Rp36 billion from Rp8 billion previously. In the first half (H1) of 2018, TBIG reported a 7.75% growth in net profit, in line with the 7% growth in revenues and the 4.47% growth in operating profit.

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Worse Q3 of Asahimas Flat Glass

Asahimas Flat Glass (AMFG), a market leader for glass producer in the country, reported a net loss of Rp71 billion in the third quarter (Q3) of 2018, widened from loss Rp20 billion in the first half (H1) of this year. Revenue grew 13.5% to Rp1.21 trillion, but gross profit declined 5.3% to Rp173.8 billion. AMFG suffered operating loss of Rp50.8 billion in Q3, against operating profit of Rp53 billion in the previous year.

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Current Account Deficit

The central bank, Bank Indonesia (BI), reported on Friday last week (Nov. 9) that the current account deficit (CAD) increased in the third quarter (Q3) of 2018 in line with strengthening domestic demand. CAD was recorded at US$8.8 billion (3.37% of GDP), higher than the previous quarter’s deficit of US$8.0 billion (3.02% of GDP). Cumulatively up to Q3, the current account deficit was still within a safe threshold at 2.86% of GDP.

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Market This Week

Global markets ended in red on Friday last week (Nov. 9) as oil prices fell further and more evidence of a slowing Chinese economy was reported. In the U.S., Wall Street indexes lost ground, after a week of recovery from the October sell-off, as concerns about slowing global economic growth and rising interest rates weighed on investor sentiment.

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Those Continue to Expand

Some global companies decided to invest more in Indonesia’s coal, agriculture, and financial industry despite global uncertainties. Macquarie Group, one of the largest fund management companies, indirectly invests in Indonesian coal, while Wilmar International strengthens its rice milling and trading business.

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Market & Fed Rate

As expected the Federal Reserve kept the target range of the fed funds rate at 2%-2.25%, saying the labor market has continued to strengthen and that economic activity has been rising at a steady pace. The Fed also reaffirmed...

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M&A Updates

Telco operator Indosat (ISAT) expects to start its consolidation by the end this year, part of the transformation program under the new leadership of Chris Kanter, in line with the policy direction of government. The Company is...

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