Indonesia stocks rally as markets lift stocks

Nov 25, 2021 User settings

The stock market has gained more than 20 per cent since the country’s worst financial crisis hit in 1999, the Jakarta Stock Exchange said on Wednesday.

The S&P 500 index is up 9.8 per cent in the past three weeks, or 1.4 per cent for the year.

“We see that the rally in the stock market in Indonesia is a sign of the strength of the Indonesian economy,” JASX Chairman Dr. Fotis Yerawan said.

“The recovery in the market is now reaching a level we have never seen before.”

The S & P 500 rose 6.7 per cent over the last three weeks.

In the previous seven weeks, the index has gained 11.7 percent.

“Indonesia is going through an economic boom and it is benefiting from its growth,” Yerwan said.

Indonesia is among a number of countries that are witnessing rapid economic growth and investment after a prolonged downturn.

In March, the central bank lifted its key interest rate for the first time since 1998.

The central bank is expected to announce a further increase in the rate at the end of the month.

The index has risen by almost 10 per cent this year.

Yerawan said the recovery in Indonesia has been a positive sign.

“A lot of people have been looking at the stock markets, and we see that they are going up,” he said.

He said that while the Indonesian stock market had been struggling in recent months, the market was going through a good period.

“This has been helped by the economy,” Yerenggi said.

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