The global financial sector was again shocked by the charges against Goldman Sachs, one of the world’s financial institutions. The U.S.’s Securities and Exchange Commission (SEC) sued Goldman for concealing important disclosure of financial instruments sold to its customers. Many analysts predict that this case will probably drag down other banks as such transaction is commonly done.
The question is now whether Goldman case will have a negative impact on the Indonesian markets after huge capital inflows recently. Reversal risk is a serious concern because Indonesia had once confronted such case back in Q3-2008. Luckily, so far the impact has been limited and short lived. On April 19, the Jakarta Composite Index (JCI) was down by 1.3%, the 10-year government bond yield was up by 12bps, and the rupiah weaken! ed by 32 points before they finally backed on the positive track on the next day.
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