The JCI March 2, 2023

𝐌𝐚𝐫𝐜𝐡 𝟐, 𝟐𝟎𝟐𝟑

* 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞: 𝟔,𝟕𝟗𝟎𝐩𝐭 – 𝟔,𝟗𝟐𝟎𝐩𝐭   (𝐘𝐞𝐬𝐭𝐞𝐫𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟔,𝟖𝟒𝟓𝐩𝐭)

* 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐛𝐫𝐨𝐚𝐝𝐞𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐧𝐝𝐞𝐱𝐞𝐬 𝐭𝐡𝐞 𝐒&𝐏𝟓𝟎𝟎 𝐚𝐧𝐝 𝐍𝐚𝐬𝐝𝐚𝐪 𝐂𝐨𝐦𝐩𝐨𝐬𝐢𝐭𝐞 𝐜𝐥𝐨𝐬𝐞𝐝 𝐥𝐨𝐰𝐞𝐫 𝐛𝐲 𝟎.𝟔%, 𝐦𝐚𝐢𝐧𝐥𝐲 𝐟𝐮𝐞𝐥𝐥𝐞𝐝 𝐛𝐲 𝐜𝐨𝐧𝐜𝐞𝐫𝐧𝐬 𝐨𝐟 𝐚 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥𝐥𝐲 𝐥𝐚𝐫𝐠𝐞𝐫-𝐭𝐡𝐚𝐧-𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐡𝐢𝐤𝐞 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒) 𝐜𝐞𝐧𝐭𝐫𝐚𝐥 𝐛𝐚𝐧𝐤

* 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐢𝐬 𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐟𝐥𝐮𝐜𝐭𝐮𝐚𝐭𝐞 𝐬𝐮𝐩𝐩𝐨𝐫𝐭𝐞𝐝 𝐛𝐲 𝐬𝐭𝐚𝐛𝐥𝐞 𝐔𝐒𝐃𝐈𝐃𝐑 𝐚𝐧𝐝 𝐨𝐢𝐥-𝐜𝐥𝐨𝐬𝐞

Morning,

The Jakarta Composite Index (JCI) today (3/2) is expected to trade between 6,790pt–6,920pt to attempt higher and be supported by bargain hunters.

The JCI  today is expected to be in cautious mode.  Like other countries, Indonesia is also in a monitor on how the short-term twists and turns of the US labor data might affect the country’s CPI  trend in the period.

Meanwhile, yesterday  (3/1) on Wall Street, the DJIA closed higher by 5 points or 0.0% to 32,662pt, while the S&P500 and the Nasdaq closed lower by 0.5% and 0.7%, respectively.

Yesterday, the 10-year US Treasury yield briefly topped 4% for the first time since November and closed higher by 8  basis points at 3.996%.  The yield on the policy-sensitive 2-year Treasury gained 8 basis points to close at 4.881%.

This week, financial markets are on watch of the US initial jobless claims data and ISM’s PMI report for the services sector, and a series of Fed speakers’ remarks. Investors will be scanning their comments for insights into whether the tighter monetary policy could continue for longer.

Yesterday, the price of WTI gained by 0.8% to USD77.7/ barrel against the latest higher-than-expected US inventory level. The US crude inventories rose by 1.2mn barrels last week to 480.2mn barrels beating analyst expectations of a 457k-barrel rise.  Meanwhile, the USDIDR closed at  IDR15,250 vs. IDR15,240 the previous one.

Cheers,