Wed, 19 Apr 2006
Indonesia embraced by Calpers
By Arijit Ghosh and Naila Firdausi Bloomberg News

WEDNESDAY, APRIL 19, 2006
JAKARTA The California Public Employees' Retirement System, the largest U.S. pension fund, has added Indonesia to the list of countries in which its fund managers may invest, helping Indonesian stocks surge to a record Tuesday.

The country joined 18 other emerging markets approved by the pension system, known as Calpers, which manages assets valued at more than $200 billion, the fund said Monday. The others are Argentina, Brazil, Chile, the Czech Republic, Hungary, India, Israel, Jordan, Malaysia, Mexico, Peru, the Philippines, Poland, South Africa, South Korea, Taiwan, Thailand and Turkey.

Global fund managers are increasing investment in Indonesia after Susilo Bambang Yudhoyono became the country's first directly elected president in October 2004, six years after President Suharto was thrown out of office after a 32-year reign.

Yudhoyono was elected after he pledged to reduce corruption, increase economic growth and reduce poverty. The country's benchmark stock index has risen 67 percent in dollar terms since he took office.

The move by Calpers "reflects foreign investors' confidence in Indonesian assets," said Bambang Setiadi, a portfolio manager at Sinar Mas Sekuritas in Jakarta. "Investment climate in terms of the economy and politics is improving."

Calpers, which periodically reviews the markets it plans to invest in, grades countries based on political stability, openness, and productive labor practices. It also rates liquidity and volatility, regulation, ease of access, settlement efficiency and transaction costs before investing.

"Under our emerging markets policy, we have seen significantly improved scores compared with five years ago, showing that these countries are taking steps to support institutional investment," Rob Feckner, president of the Calpers board of administration, said in a statement.

Calpers does not invest in China, Colombia, Egypt, Morocco, Pakistan, Russia and Venezuela.

The Jakarta composite index has risen 33.6 percent this year, making it the best-performing Asian stock market benchmark. The index surged 2.2 percent Tuesday, its biggest gain in a month, finishing above 1,400 for the first time.

The government's move to more than double fuel prices last year to maintain its budget targets helped attract investors.

"Global money needs place to park," said Kennyarso Soejatman, a portfolio manager at First State Investments in Jakarta. "Indonesia's move to boost fuel prices in October is seen as good policy. Now there's expectation inflation will slow, and the interest rate will decline. With that, there will be rerating of Indonesian stocks."


JAKARTA The California Public Employees' Retirement System, the largest U.S. pension fund, has added Indonesia to the list of countries in which its fund managers may invest, helping Indonesian stocks surge to a record Tuesday.

The country joined 18 other emerging markets approved by the pension system, known as Calpers, which manages assets valued at more than $200 billion, the fund said Monday. The others are Argentina, Brazil, Chile, the Czech Republic, Hungary, India, Israel, Jordan, Malaysia, Mexico, Peru, the Philippines, Poland, South Africa, South Korea, Taiwan, Thailand and Turkey.

Global fund managers are increasing investment in Indonesia after Susilo Bambang Yudhoyono became the country's first directly elected president in October 2004, six years after President Suharto was thrown out of office after a 32-year reign.

Yudhoyono was elected after he pledged to reduce corruption, increase economic growth and reduce poverty. The country's benchmark stock index has risen 67 percent in dollar terms since he took office.

The move by Calpers "reflects foreign investors' confidence in Indonesian assets," said Bambang Setiadi, a portfolio manager at Sinar Mas Sekuritas in Jakarta. "Investment climate in terms of the economy and politics is improving."

Calpers, which periodically reviews the markets it plans to invest in, grades countries based on political stability, openness, and productive labor practices. It also rates liquidity and volatility, regulation, ease of access, settlement efficiency and transaction costs before investing.

"Under our emerging markets policy, we have seen significantly improved scores compared with five years ago, showing that these countries are taking steps to support institutional investment," Rob Feckner, president of the Calpers board of administration, said in a statement.

Calpers does not invest in China, Colombia, Egypt, Morocco, Pakistan, Russia and Venezuela.

The Jakarta composite index has risen 33.6 percent this year, making it the best-performing Asian stock market benchmark. The index surged 2.2 percent Tuesday, its biggest gain in a month, finishing above 1,400 for the first time.

The government's move to more than double fuel prices last year to maintain its budget targets helped attract investors.

"Global money needs place to park," said Kennyarso Soejatman, a portfolio manager at First State Investments in Jakarta. "Indonesia's move to boost fuel prices in October is seen as good policy. Now there's expectation inflation will slow, and the interest rate will decline. With that, there will be rerating of Indonesian stocks."


JAKARTA The California Public Employees' Retirement System, the largest U.S. pension fund, has added Indonesia to the list of countries in which its fund managers may invest, helping Indonesian stocks surge to a record Tuesday.

The country joined 18 other emerging markets approved by the pension system, known as Calpers, which manages assets valued at more than $200 billion, the fund said Monday. The others are Argentina, Brazil, Chile, the Czech Republic, Hungary, India, Israel, Jordan, Malaysia, Mexico, Peru, the Philippines, Poland, South Africa, South Korea, Taiwan, Thailand and Turkey.

Global fund managers are increasing investment in Indonesia after Susilo Bambang Yudhoyono became the country's first directly elected president in October 2004, six years after President Suharto was thrown out of office after a 32-year reign.

Yudhoyono was elected after he pledged to reduce corruption, increase economic growth and reduce poverty. The country's benchmark stock index has risen 67 percent in dollar terms since he took office.

The move by Calpers "reflects foreign investors' confidence in Indonesian assets," said Bambang Setiadi, a portfolio manager at Sinar Mas Sekuritas in Jakarta. "Investment climate in terms of the economy and politics is improving."

Calpers, which periodically reviews the markets it plans to invest in, grades countries based on political stability, openness, and productive labor practices. It also rates liquidity and volatility, regulation, ease of access, settlement efficiency and transaction costs before investing.

"Under our emerging markets policy, we have seen significantly improved scores compared with five years ago, showing that these countries are taking steps to support institutional investment," Rob Feckner, president of the Calpers board of administration, said in a statement.

Calpers does not invest in China, Colombia, Egypt, Morocco, Pakistan, Russia and Venezuela.

The Jakarta composite index has risen 33.6 percent this year, making it the best-performing Asian stock market benchmark. The index surged 2.2 percent Tuesday, its biggest gain in a month, finishing above 1,400 for the first time.

The government's move to more than double fuel prices last year to maintain its budget targets helped attract investors.

"Global money needs place to park," said Kennyarso Soejatman, a portfolio manager at First State Investments in Jakarta. "Indonesia's move to boost fuel prices in October is seen as good policy. Now there's expectation inflation will slow, and the interest rate will decline. With that, there will be rerating of Indonesian stocks."


JAKARTA The California Public Employees' Retirement System, the largest U.S. pension fund, has added Indonesia to the list of countries in which its fund managers may invest, helping Indonesian stocks surge to a record Tuesday.

The country joined 18 other emerging markets approved by the pension system, known as Calpers, which manages assets valued at more than $200 billion, the fund said Monday. The others are Argentina, Brazil, Chile, the Czech Republic, Hungary, India, Israel, Jordan, Malaysia, Mexico, Peru, the Philippines, Poland, South Africa, South Korea, Taiwan, Thailand and Turkey.

Global fund managers are increasing investment in Indonesia after Susilo Bambang Yudhoyono became the country's first directly elected president in October 2004, six years after President Suharto was thrown out of office after a 32-year reign.

Yudhoyono was elected after he pledged to reduce corruption, increase economic growth and reduce poverty. The country's benchmark stock index has risen 67 percent in dollar terms since he took office.

The move by Calpers "reflects foreign investors' confidence in Indonesian assets," said Bambang Setiadi, a portfolio manager at Sinar Mas Sekuritas in Jakarta. "Investment climate in terms of the economy and politics is improving."

Calpers, which periodically reviews the markets it plans to invest in, grades countries based on political stability, openness, and productive labor practices. It also rates liquidity and volatility, regulation, ease of access, settlement efficiency and transaction costs before investing.

"Under our emerging markets policy, we have seen significantly improved scores compared with five years ago, showing that these countries are taking steps to support institutional investment," Rob Feckner, president of the Calpers board of administration, said in a statement.

Calpers does not invest in China, Colombia, Egypt, Morocco, Pakistan, Russia and Venezuela.

The Jakarta composite index has risen 33.6 percent this year, making it the best-performing Asian stock market benchmark. The index surged 2.2 percent Tuesday, its biggest gain in a month, finishing above 1,400 for the first time.

The government's move to more than double fuel prices last year to maintain its budget targets helped attract investors.

"Global money needs place to park," said Kennyarso Soejatman, a portfolio manager at First State Investments in Jakarta. "Indonesia's move to boost fuel prices in October is seen as good policy. Now there's expectation inflation will slow, and the interest rate will decline. With that, there will be rerating of Indonesian stocks."



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