Indonesia fund says stocks have bottomed, rupiah cheap

Hong Kong

INDONESIAN stocks will rally through year-end as an undervalued rupiah lures back global money managers and President Joko Widodo delivers on plans to improve infrastructure in South-east Asia's biggest economy, according to the nation's largest investor.

"The bottom is past already," Elvyn Masassya, who oversees the equivalent of US$14.3 billion as president director of state pension fund BPJS Ketenagakerjaan, said in an interview on the sidelines of the Bloomberg Markets Most Influential Summit in Hong Kong on Tuesday. Foreign investors "will come again", he said.