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As the Russian military invades Ukraine, Indonesia can expect little direct impact on its economy and capital markets, but investors are advised to remain wary of many indirect effects of the crisis.
Fikri C. Permana, senior economist at PT Samuel Sekuritas Indonesia, said on Thursday that Indonesia had relatively little trade and investment activities with either Russia or Ukraine, with the two countries contributing less than 1 percent of total investments last year.
He also noted that the Indonesia Stock Exchange (IDX) composite index, the main barometer of the Indonesian stock market, was down almost 2 percent on Thursday, a trend reflected in many other indices, but capital inflow to the Indonesian market remained strong with Rp 15.42 trillion (US$1.07 billion) between Feb. 1 and Feb. 23, while the rupiah remained stable at between Rp 14,200 and Rp 14,400 per US dollar due to foreign investors’ net buys.
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