The JCI February 6, 2024

𝐅𝐞𝐛𝐫𝐮𝐚𝐫𝐲 𝟔, 𝟐𝟎𝟐𝟒

• 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞: 𝟕,𝟏𝟐𝟎 – 𝟕,𝟐𝟖𝟎 𝐩𝐨𝐢𝐧𝐭𝐬 (𝐘𝐞𝐬𝐭𝐞𝐫𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟕,𝟏𝟗𝟗 𝐩𝐨𝐢𝐧𝐭𝐬)

•  𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐦𝐚𝐣𝐨𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐧𝐝𝐞𝐱𝐞𝐬 𝐜𝐥𝐨𝐬𝐞𝐝 𝐥𝐨𝐰𝐞𝐫 𝐛𝐲 𝐚𝐫𝐨𝐮𝐧𝐝 𝟎.𝟒%, 𝐦𝐚𝐢𝐧𝐥𝐲 𝐨𝐧 𝐚 𝐭𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐩𝐮𝐥𝐥𝐛𝐚𝐜𝐤 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐬𝐩𝐢𝐤𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒) 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐛𝐨𝐧𝐝𝐬 𝐲𝐢𝐞𝐥𝐝

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

Morning,

The Jakarta Composite Index (JCI) today (2/6) is expected to trade in the range of  7,120 – 7,280 points to attempt higher with the support of bargain hunters.

Meanwhile, yesterday  (2/5) on Wall Street, the DJIA closed lower by 274 points or 0.71% to 38,380 points, while the S&P500 and the Nasdaq Composite closed lower by 0.32% and 0.2%, respectively.

The US rate cut chances get pushed further back along with January’s data on the index of service sector activity issued by the ISM, at +53.4% or higher than December’s reading of 50.5%, and beating the consensus estimate of  52.0%.

The yield of the 10-year  US  Treasury note shot up by 15 basis points to  4.168%, while the yield on the 2-year Treasury bond climbed 11  basis points at 4.37%.

Yesterday, the WTI futures contract for March gained 0.7% to USD72.78/barrel, mainly on supply concerns along with the ongoing conflict in the Middle East including on the Red Sea.  Meanwhile, the USDIDR closed at IDR15,705 vs. IDR15,668 the previous one.

Cheers,