Wednesday, April 29, 2015


Indonesia: The Jakarta Stock Exchange composite Index is down 3 .7% today, as investors speculated on potential repercussions following the execution of the "Bali Nine", which involved citizens from Australia, Brazil and Nigeria. While we think that this could just be a knee jerk reaction, as most countries would be unwilling to hurt their own economic ties, we note that SGX related counters with exposure to Indonesia could include First REIT (healthcare), Courts Asia (retail), Jardine C&C (automotive), UOB (banking), OCBC (banking), Gallant Venture (automotive), Halcyon Agri (rubber) and Petra Foods (chocolates).

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