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Strategies & Market Trends : Asia Forum
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To: Jack Clarke who wrote (1307)1/21/1998 7:18:00 AM
From: tom  Read Replies (2) of 9980
 
The reason for the market's strength is that people are arbitraging the ADRs of PT Telkom and PT Indosat. They sell them in NY at a premium and then buy back the local stock in Jakarta for US$ settlement. As these two stocks comprise 1/3 of the total market this buying pushes the whole index up. This game cannot go on for long. Check out how the ADRs trade this afternoon (TLK.N and IIT.N).

Also worth watching is the rupiah's reaction to President Suharto's speech this evening 8PM (Jakrta time, 1PM GMT).
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