Indonesian Stocks Expected to Hit Record in 2020: JPMorgan, Morgan Stanley
- Bold reforms, long easing cycle to drive gains, JPMorgan says
- Morgan Stanley sees 10% growth in company earnings next year
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After two years of stagnant growth, Indonesian stocks will hit a record in 2020, when President Joko Widodo’s policies to shore up the economy take effect, say analysts from JPMorgan and Morgan Stanley.
JPMorgan, which says it’s the most bullish on the Street, sees the benchmark Jakarta Composite Index rallying 19% from the current level to a record 7,250 by the end of 2020. Morgan Stanley expects the MSCI Indonesia Index to surge 11% to 7,800. Both brokerages are overweight the nation’s equities.