October 5, 2022: -Indonesia’s Jakarta Composite index may face a couple of bumps in the road in 2022. Still, as of Monday’s close, it was the best-performing primary Asia-Pacific index for the year.
The index has been sleepless at 6.51% since the beginning of the year.
The Hang Seng index in Hong Kong, South Korea’s Kospi, and Taiwan’s Taiex has dropped over 25% this year.
Continent China’s Shanghai Composite and Shenzhen Component have been hammered, which slumps by almost 17% and 27%, respectively.
The Nikkei 225 in Japan, India’s Nifty 50, and the SET index in Thailand fared better, notching single-digit losses.
Singapore’s Straits Times index was the next-best performer in the region, which came just 0.53%.
The Jakarta Composite index decreased nattily in May and July before playing catch-up and has stayed above the 7,000 level since early August.
According to Maynard Arif, head of Indonesia equities at DBS Group Research, foreign investment into reserves has driven the index higher, and Indonesia has benefited from more elevated commodity prices. The Southeast Asian country is an exporter of commodities.
Economic recovery there has been on the uptrend after Covid restrictions were raised, though he added that created economies experienced this boost earlier.
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