Indonesian Stock Index Falls by 51 Percent in 2008

Capital Market and Financial Institution Supervisory Body (Bapepam-LK) reported on Tuesday that the Indonesian bourse posted the third largest drop in share prices in 2008.The composite index of the Indonesian Stock Exchange was at 1,340.89 or fell 51.17 percent from the late 2007 index.In a year end presser at the IDX office, head of the supervisory body Fuad Rahmany said almost all regional bourse experienced index losses, China's Shenzhen and Shanghai had the biggest index drop of 62.72 percent, followed by Mumbai index by 53.83 percent. Market capitalization in the IDX was also down by 46.37 percent from Rp 1,988.3 trillion (US$ 179.9 billion) to Rp 1,072.5 trillion (US$ 96.96 billion).

Despite the drop, annual daily transaction at the bourse rose by 4,19 percent to Rp 4.447 trillion (US$ 401.7 million).Singapore followed Indonesia on the list, posting a 50.21 percent drop followed by Hong Kong with 49 percent, the philippines 48.29 percent, Taiwan 47.98 percent, Thailand 47.95 percent, Japan 42.91 percent, and Malaysia by 39.98 percent.In line with the first report, the Indonesian Central Securities Depository (KSEI) also reported a drop on the total assets of the financial market recorded in the company. As of December 2008 total assets of the market were recorded at Rp 551.6 trillion (US$ 49.7 billion) down 42 percent compared to the 2007 figure.The drop was mainly on falling shares asset from Rp 1,191.33 trillion to Rp 646.53 trillion (US$ 58.4 billion).

Bonds assets on the contrary were rising. Government bonds sharply increased to 15.27 trillion (US$ 1.3 trillion) from Rp 10.67 trillion (US$ 961.4 million). The sharia bonds grew three fold from Rp 1.025 trillion (US 92.3 million) to Rp 3.3 trillion (US$ 297.5 million), while mutual funds asset rose to Rp 725.5 billion (US$ 65.3 million) from Rp 578 billion (US$ 52 million).

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