The JCI August 24, 2023

𝐀𝐮𝐠𝐮𝐬𝐭 𝟐𝟒,𝟐𝟎𝟐𝟑

• 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞:𝟔,𝟖𝟔𝟎𝐩𝐭 – 𝟔,𝟗𝟖𝟎𝐩𝐭 (𝐘𝐞𝐬𝐭𝐞𝐫𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟔,𝟗𝟐𝟏𝐩𝐭)

• 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐦𝐚𝐣𝐨𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐧𝐝𝐞𝐱𝐞𝐬 𝐜𝐥𝐨𝐬𝐞𝐝 𝐡𝐢𝐠𝐡𝐞𝐫 𝐛𝐲 𝟏%, 𝐦𝐚𝐢𝐧𝐥𝐲 𝐨𝐧 𝐩𝐨𝐬𝐢𝐭𝐢𝐯𝐞 𝐯𝐢𝐛𝐞𝐬 𝐭𝐫𝐢𝐠𝐠𝐞𝐫𝐞𝐝 𝐛𝐲 𝐬𝐭𝐫𝐨𝐧𝐠 𝐪𝐮𝐚𝐫𝐭𝐞𝐫𝐥𝐲 𝐞𝐚𝐫𝐧𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒)-𝐛𝐚𝐬𝐞𝐝 𝐍𝐯𝐢𝐝𝐢𝐚

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

Morning,

The Jakarta Composite Index (JCI) today (8/24) is expected to trade between 6,860pt–6,980pt to attempt higher in support of bargain hunters.

The JCI today is expected to respond to the announcement of the latest monetary stance of the central bank Bank Indonesia on the completion of its August Board-of-Governor policy meeting. At present, the reference BI7-Day RR is at 5.75% and unchanged since January given the favorable ongoing trend of domestic inflation and exchange rate.

Meanwhile, yesterday  (8/23) on Wall Street, the DJIA closed higher by 184 points or 0.5% to 34,473pt, while the S&P500 and the Nasdaq closed lower and higher by 1.1% and 1.6%, respectively.    The 10-year US Treasury yield fell by 13 basis points to 4.2%. Also, the yield on the 30-year Treasury declined by 14 basis points at 4.27%.

Yesterday, the price of the WTI  futures closed lower by 0.9% to USD78.9/barrel, mainly on immediate demand concerns along with the latest weekly data on US gasoline stocks, +1.5mn barrels vs. estimate of -0.9mn barrels. Meanwhile, the USDIDR closed at IDR15,319 vs. IDR15,326  the previous one.

Cheers,