The JCI April 20, 2022

𝐀𝐩𝐫𝐢𝐥 𝟐𝟎, 𝟐𝟎𝟐𝟐

* 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞: 𝟕,𝟏𝟓𝟎𝐩𝐭 – 𝟕,𝟑𝟎𝟎𝐩𝐭 (𝐘𝐞𝐬𝐭𝐞𝐫𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟕,𝟏𝟗𝟗𝐩𝐭)

* 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐦𝐚𝐣𝐨𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐧𝐝𝐢𝐜𝐞𝐬 𝐜𝐥𝐨𝐬𝐞𝐝 𝐡𝐢𝐠𝐡𝐞𝐫 𝐛𝐲 𝐬𝐨𝐦𝐞 𝟏.𝟓% 𝐦𝐚𝐢𝐧𝐥𝐲 𝐨𝐧 𝐜𝐨𝐧𝐟𝐢𝐝𝐞𝐧𝐜𝐞 𝐭𝐡𝐚𝐭 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒) 𝐥𝐢𝐬𝐭𝐞𝐝-𝐜𝐨𝐮𝐧𝐭𝐞𝐫𝐬 𝐢𝐬 𝐚𝐛𝐥𝐞 𝐭𝐨 𝐚𝐛𝐬𝐨𝐫𝐩 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐩𝐨𝐬𝐭 𝐝𝐞𝐜𝐞𝐧𝐭 𝐠𝐫𝐨𝐰𝐭𝐡 𝐭𝐡𝐢𝐬 𝐲𝐞𝐚𝐫

* 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐢𝐬 𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐚𝐭𝐭𝐞𝐦𝐩𝐭 𝐡𝐢𝐠𝐡𝐞𝐫 𝐚𝐧𝐝 𝐬𝐮𝐩𝐩𝐨𝐫𝐭𝐞𝐝 𝐛𝐲 𝐬𝐭𝐚𝐛𝐥𝐞 𝐔𝐒𝐃𝐈𝐃𝐑 𝐜𝐥𝐨𝐬𝐞

Morning,

 The Jakarta Composite Index (JCI) today (4/20) is expected to trade between 7,150pt – 7,300pt  to gain edge and supported by bargain hunters.    The JCI today is expected to also be supported by the continuing accomodative monetary stance adopted by the central bank Bank Indonesia (BI). The bank keeps its reference BI7D-RR  unchanged at 3.5%, down by 100bp since the break of COVID-19 in March 2020, also by support of stable exchange and domestic inflation rates.  At the other end, BI lowers down Indonesia GDP growth this year to 4.5% YoY – 5.3% YoY (vs. previously 4.7% YoY – 5.5% YoY).

Wall Street yesterday  (4/19) ended with the DJIA closed higher by 500pt or 1.5 % to 34,451pt, meanwhile the S&P500 and Nasdaq closed higher by 1.6% and 2.2%, respectively. At the other end, the yield of the benchmark 10-year Treasury notes continued to rise and closed higher by 8bp to 2.94%.

Yesterday  the WTI  price closed lower by 5.2% to USD102.6/barrel against the previous close, mainly on downward revision of global 2022 growth forecast to 3.2% YoY (vs. previous 4.1% YoY) by the IMF as well as release data of the US Strategic Petroleum Reserves which declined by 4.7mn barrels. . Meanwhile, the USDIDR closed  at IDR14,347  vs. IDR14,356 the previous one.

Cheers,