The JCI February 1, 2024

𝐅𝐞𝐛𝐫𝐮𝐚𝐫𝐲 𝟏, 𝟐𝟎𝟐𝟒

•  𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞: 𝟕,𝟏𝟐𝟎 – 𝟕,𝟐𝟔𝟎 𝐩𝐨𝐢𝐧𝐭𝐬  (𝐘𝐞𝐬𝐭𝐞𝐫𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟕,𝟐𝟎𝟖 𝐩𝐨𝐢𝐧𝐭𝐬)

• *𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐦𝐚𝐣𝐨𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐧𝐝𝐞𝐱𝐞𝐬 𝐜𝐥𝐨𝐬𝐞𝐝 𝐥𝐨𝐰𝐞𝐫 𝐛𝐲 𝐚𝐫𝐨𝐮𝐧𝐝 𝟏.𝟓%, 𝐦𝐚𝐢𝐧𝐥𝐲 𝐚𝐬 𝐭𝐫𝐚𝐝𝐞𝐫𝐬 𝐟𝐮𝐫𝐭𝐡𝐞𝐫 𝐩𝐫𝐢𝐜𝐞𝐝 𝐨𝐮𝐭 𝐚𝐠𝐠𝐫𝐞𝐬𝐬𝐢𝐯𝐞 𝐚𝐧𝐝 𝐭𝐨𝐨 𝐬𝐨𝐨𝐧 𝐩𝐨𝐥𝐢𝐜𝐲 𝐫𝐚𝐭𝐞 𝐜𝐮𝐭𝐬 𝐯𝐢𝐞𝐰 𝐚𝐥𝐨𝐧𝐠 𝐭𝐡𝐞 𝐩𝐨𝐬𝐭-𝐦𝐞𝐞𝐭𝐢𝐧𝐠 𝐬𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒) 𝐜𝐞𝐧𝐭𝐫𝐚𝐥 𝐛𝐚𝐧𝐤 𝐜𝐡𝐚𝐢𝐫𝐦𝐚𝐧

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

Morning,

The Jakarta Composite Index (JCI) today (2/1) is expected to trade in the range of  7,120 – 7,260 points to attempt higher with the support of bargain hunters.

The JCI today is expected to respond to the release of Indonesia’s CPI figure for January. Based on the polling conducted by Bloomberg, the consensus estimate for January’s CPI is month on month increase of 0.27% (December 2023: 0.41% ), and an annual increase of 2.53% (December:  2.61%).

Meanwhile, yesterday  (1/31) on Wall Street, the DJIA closed lower by 317 points or 0.82% to 38,467 points, while the S&P500 and the Nasdaq Composite closed lower by 1.61% and 2.23%, respectively.

In the address following January’s FOMC meeting, Federal Reserve Chairman Jerome Powell said Wednesday that the central bank would likely not be comfortable enough with the path of inflation by its next meeting in March to cut interest rates.

The yield of the 10-year  US  Treasury note was lower by 13 basis points to  3.929%, while the yield on the 2-year Treasury bond fell 13  basis points at 4.227%.

Yesterday, the WTI futures contract for March declined by 2.53% to USD75.6/barrel, mainly dominated by concerns on the demand side following the weaker-than-anticipated latest China factory activity data.  Meanwhile, the USDIDR closed at IDR15,803 vs. IDR15,796 the previous one.

Cheers,