Rising concerns over COVID-19 negatively impact rupiah, IHSG

Rising concerns over COVID-19 negatively impact rupiah, IHSG

Photo Illustration: A visitor walked in front of a giant screen showing the Indonesian composite index (IHSG) at the Indonesia Stock Exchange (IDX), Jakarta. ANTARA FOTO/Reno Esnir/hp/gtm

Jakarta (ANTARA) - Increasing concern over the novel coronavirus (COVID-19) outbreak in over 30 nations outside mainland China has driven the Indonesian composite index (IHSG) of the Indonesia stock exchange and the rupiah to open lower, Wednesday morning.

The IHSG dropped by 29.97 points, or 0.52 percent, to 5,757.17, while the index of the 45 most liquid stocks, or LQ45, also depreciated 8.02 points, or 0.85 percent, to 933.65.

Amid the outbreak, the regional markets that also registered a drop this morning include Tokyo's Nikkei plunging 493.5 points, or 1.94 percent, to 22,165.9; Hang Seng Index dropping 328.6 points, or 1.22 percent, to 26,564.6; and the Straits Times Index falling 26.18 points, or 0.83 percent, to 3,132.06.

Meanwhile, Indonesia's rupiah weakened by 23 points, or 0.17 percent, to Rp13,910 against the US dollar, while the day before, it was recorded at Rp13,887.

"During today's trading, Indonesia's currency may continue to drop," Ibrahim Assuaibi, PT TRFX Garuda Berjangka's director, stated in Jakarta.

He further forecast the rupiah to hover in the range of Rp13,835 to Rp13,935 against the dollar.

However, Ariston, another analyst at Monex Investindo Futures, has forecast the rupiah to move in the range of Rp13,870 to Rp13,950 against the dollar during the day. Related news: Coronavirus outbreak continues to drive rupiah to plunge
Related news: Rupiah plunges on Friday amid COVID-19 outbreak

 

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