Indonesia kicked off 2004 on top form. On January 9 the Jakarta Stock Exchange (JSX) index hit an historical high at 753.692 points, topping its previous peak of 740.833, reached on July 8, 1997.
The market was driven up by a regional market rebound and a genuine optimism that Indonesia’s long-languishing economy is making a comeback. The central bank, Bank of Indonesia, estimated that the country’s GDP grew nearly 4% last year and should achieve at least 4.5%–5% growth in 2004. The Jakarta bourse’s index increased by almost 80% in dollar terms in 2003, and another 10% in the first three weeks of 2004.
