In contrast, Indonesia’s Jakarta Composite Index has gained 5.5% in US dollar terms during that period. President Joko Widodo is embarking on a new round of infrastructure projects and pursuing reforms to stimulate the fourth-most populous country in the world.
(Jan 16): Indonesia, Southeast Asia’s largest economy, is finally poised to take the title of the biggest equity market in the region.
Its market value of US$529 billion ($712 billion) has nearly matched that of slumping Thailand, which snatched the top spot from Singapore in May, buoyed by a strengthening baht. With its currency giving back some gains and economic growth trailing forecasts, the SET Index is the region’s only benchmark to decline in the past three months.
