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Stocks in Indonesia Notches Another High

Indonesia: JCI increased to an all-time high of 7052 and is on its way to gain 1.4% for the week, buoyed by an overnight rally on Wall Street after data showing the number of Americans filing new unemployment claims tumbled to its lowest since 1969.

Risk appetite continued to be supported by a positive note from the IMF about Indonesia’s solid recovery from the ongoing pandemic.

The global lender expects the economy to grow by 5.4% in 2022, more upbeat than the government’s estimate of 5.2%, amid strong household consumption and robust shipments of commodities.

Meanwhile, President Joko Widodo Thursday announced further relaxation of COVID-19 curbs ahead of the fasting month of Ramadan.

The decision came after Jakarta removed quarantine policy earlier in the month for international travellers arriving in Bali.