Indonesian Equities Face Headwinds Near-Term But Have Growth Prospects Mid-Term -- Market Talk

Dow Jones06-26 11:08

0308 GMT - Indonesian equities' weighting has been lowered to neutral from overweight, say strategists including Herald van der Linde, head of Equity Strategy for Asia Pacific at HSBC Global Research, in a note. Indonesian corporate earnings are being hurt by high rates and a weak foreign-exchange backdrop, while there's uncertainty surrounding the government's policies amid potential changes to the cabinet in the near term, the strategist say. Despite these near-term concerns, however, the strategists still like medium-term growth prospects for Indonesian equities and expect investors to return as the market emerges from current downcycle. HSBC's end-2024 target for Indonesia's Jakarta Composite Index is 7230. The index is 0.6% higher at 6925.52. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

June 25, 2024 23:08 ET (03:08 GMT)

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