The JCI April 5, 2024
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𝐀𝐩𝐫𝐢𝐥 𝟓, 𝟐𝟎𝟐𝟒
- 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞: 𝟕,𝟏𝟓𝟎 – 𝟕,𝟑𝟎𝟎 𝐩𝐨𝐢𝐧𝐭𝐬 (𝐘𝐞𝐬𝐭𝐞𝐫𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟕,𝟐𝟓𝟒 𝐩𝐨𝐢𝐧𝐭𝐬)
- 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐦𝐚𝐣𝐨𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐧𝐝𝐞𝐱𝐞𝐬 𝐜𝐥𝐨𝐬𝐞𝐝 𝐥𝐨𝐰𝐞𝐫 𝐛𝐲 𝐚𝐫𝐨𝐮𝐧𝐝 𝟏.𝟑%, 𝐦𝐚𝐢𝐧𝐥𝐲 𝐭𝐫𝐢𝐠𝐠𝐞𝐫𝐞𝐝 𝐛𝐲 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒) 𝐩𝐫𝐢𝐯𝐚𝐭𝐞 𝐩𝐚𝐲𝐫𝐨𝐥𝐥 𝐝𝐚𝐭𝐚 𝐟𝐨𝐫 𝐌𝐚𝐫𝐜𝐡
- 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐢𝐬 𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐟𝐥𝐮𝐜𝐭𝐮𝐚𝐭𝐞 𝐬𝐮𝐩𝐩𝐨𝐫𝐭𝐞𝐝 𝐛𝐲 𝐬𝐭𝐚𝐛𝐥𝐞 𝐔𝐒𝐃𝐈𝐃𝐑 𝐚𝐧𝐝 𝐨𝐢𝐥-𝐜𝐥𝐨𝐬𝐞
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Morning,
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The Jakarta Composite Index (JCI) today (4/5) is expected to trade in the range of 7,150 – 7,300 points to attempt higher with the support of bargain hunters.
On the other end, the JCI yesterday posted gains of 88 points or 1.22%, mainly on the technical rebound of shares of major banks of Bank Central Asia (+3.4% to IDR9,850), Bank Mandiri (Persero) (+1.5% to IDR6,875/share), and Bank Rakyat Indonesia (Persero) (+1.3% to IDR).
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Meanwhile, yesterday (4/4) on Wall Street, the DJIA closed lower by 530 points or 1.35% to 38,597 points. The S&P500 and the Nasdaq Composite closed lower by 1.23% and 1.4%, respectively.
The US companies, according to a report from payrolls processing firm ADP, reported gains of 184,000 workers in March, an increase from the upwardly revised February gain of 155,000, which also was the Dow Jones estimate for March. This sign of the strength of the US labor market again put doubt on the current path of liquidity easing, implied as 3 cuts this year in the FOMC projection table in March.
Yesterday, the yield of the 10-year US Treasury declined 4 basis points to 4.307%. The 2-year Treasury yield fell 3 basis points at 4.645%.
Yesterday, the US West Texas Intermediate futures for May settlement, closed higher by 1.36% at USD86.59 /barrel, mainly on supply-side concerns as tensions in the Middle East continued to mount. The Jerusalem Post reported that Israeli embassies had been put on high alert after Iran vowed retaliation over a missile strike on its consulate in Damascus earlier this week. Meanwhile, the USDIDR closed at IDR15,907 vs. IDR15,923.
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Cheers,