The JCI March 16, 2023

𝐌𝐚𝐫𝐜𝐡 𝟏𝟔, 𝟐𝟎𝟐𝟑

* 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞: 𝟔,𝟓𝟕𝟎𝐩𝐭 – 𝟔,𝟕𝟎𝟎𝐩𝐭 (𝐘𝐞𝐬𝐭𝐞𝐫𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟔,𝟔𝟐𝟖𝐩𝐭)

* 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐃𝐉𝐈𝐀 𝐚𝐧𝐝 𝐒&𝐏𝟓𝟎𝟎 𝐜𝐥𝐨𝐬𝐞𝐝 𝐥𝐨𝐰𝐞𝐫 𝐛𝐲 𝐚𝐥𝐦𝐨𝐬𝐭 𝟏%, 𝐦𝐚𝐢𝐧𝐥𝐲 𝐝𝐫𝐢𝐯𝐞𝐧 𝐛𝐲 𝐜𝐨𝐧𝐜𝐞𝐫𝐧𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐢𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐥𝐢𝐪𝐮𝐢𝐝𝐢𝐭𝐲 𝐢𝐬𝐬𝐮𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐄𝐮𝐫𝐨𝐩𝐞𝐚𝐧-𝐛𝐚𝐬𝐞𝐝 𝐂𝐫𝐞𝐝𝐢𝐭 𝐒𝐮𝐢𝐬𝐬𝐞 𝐭𝐨 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒) -𝐥𝐢𝐬𝐭𝐞𝐝 𝐜𝐨𝐮𝐧𝐭𝐞𝐫𝐬

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

Morning,

The Jakarta Composite Index (JCI) today (3/16) is expected to trade between 6,570pt–6,700pt to attempt higher and be supported by bargain hunters.

Today, the JCI is expected to be supported by Bank Indonesia’s stance on the monetary policy, following the completion of its monthly Board-of-Governor meeting that started yesterday. The market consensus formulated by a survey of  CNBC Indonesia indicates the country’s central bank to maintain the policy rate at the existing level of 5.75%.

Also, a positive swing of trade today in the JCI may skew toward the non-commodity-based counters.

Meanwhile, yesterday  (3/15) on Wall Street, the DJIA closed lower by 281 points or 0.9% to 31,875pt, while the S&P500 and the Nasdaq closed lower by 0.7% and higher by 0.05%, respectively.

Yesterday, the 10-year United States Treasury yield was down by nearly 16  basis points lower to 3.477%.  The yield on the policy-sensitive 2-year Treasury yield fell 30 basis points at 4.919%.

Yesterday, the price of WTI closed lower by 6.5% to USD67.6/ barrel, mainly driven by demand prospect concerns, particularly on the latest liquidity issue of a major European bank Credit Suisse.  Meanwhile, the USDIDR closed at  IDR15,365 vs. IDR15,380 the previous one.

Cheers,