Two thirds of Indonesia’s major companies missed earnings estimates in the first quarter, but that’s done little to stop investors from pouring into this enduring emerging-market darling.
Overseas funds pumped the most money into the market in April for any month since mid-2014, even as Indonesia’s capital region saw its business-friendly governor lose a re-election campaign. The Jakarta Composite Index is little more than 1 percent from the record high reached last week, showing little evidence of concern about commodity-price declines or signs of a slowing in Chinese growth.
