The JCI March 17, 2022

𝐌𝐚𝐫𝐜𝐡 𝟏𝟕, 𝟐𝟎𝟐𝟐

* 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞:𝟔,𝟗𝟓𝟎𝐩𝐭 – 𝟕,𝟎𝟑𝟎𝐩𝐭  (𝐘𝐞𝐬𝐭𝐞𝐫𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟔,𝟗𝟗𝟐𝐩𝐭)

* 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐒&𝐏𝟓𝟎𝟎 𝐚𝐧𝐝 𝐍𝐚𝐬𝐝𝐚𝐪 𝐜𝐥𝐨𝐬𝐞𝐝 𝐡𝐢𝐠𝐡𝐞𝐫 𝐛𝐲 𝐬𝐨𝐦𝐞 𝟑%, 𝐦𝐚𝐢𝐧𝐥𝐲 𝐚𝐬 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐜𝐡𝐞𝐞𝐫𝐞𝐝 𝐨𝐧 𝐭𝐡𝐞𝐢𝐫 𝐨𝐰𝐧 𝐞𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐬 𝐨𝐟 𝐅𝐅𝐑 𝐡𝐢𝐤𝐞 𝐩𝐨𝐥𝐢𝐜𝐲 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒) 𝐜𝐞𝐧𝐭𝐫𝐚𝐥 𝐛𝐚𝐧𝐤 𝐦𝐞𝐝𝐢𝐚 𝐫𝐞𝐥𝐞𝐚𝐬𝐞 𝐚𝐟𝐭𝐞𝐫 𝐢𝐭𝐬 𝐌𝐚𝐫𝐜𝐡’𝐬 𝐅𝐎𝐌𝐂 𝐦𝐞𝐞𝐭𝐢𝐧𝐠

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

Morning,

The Jakarta Composite Index (JCI) today (3/17) is expected to trade between 6,950pt – 7,030  to attempt higher also by support of bargain hunters.

Wall Street yesterday (3/16) ended with the DJIA closed higher by 519pt or 1.6% to 34,063pt, while the S&P500 and the Nasdaq Composite  closed higher by 2.2% and  3.8%, respectively. The Federal Reserve, during its March FOMC meeting decides to increase  the benchmark FFR from previously 0%-0.25% to 0.25%-0.5%. Meanwhile, the Effective FFRs has been at 0.8% since February 8 to March 15. At the other end, the yield of the benchmark 10-year US Treasury note closed  higher by 8bp to 2.24%. Yields move inversely to prices and 1 basis point (bp)  is equal to 0.01%.

Today Indonesia central bank Bank Indonesia (BI) is scheduled to complete its 2-day March board-of-governor meeting, while stakeholders is in monitor to listen to its stance. Majority of financial market participants assume that BI to hold current benchmark BI7d-RR at 3.5% given current macro data.

Meanwhile, yesterday the WTI  price closed lower by 1.5% against the previous close to USD95/barrel, mainly on the US weekly inventory data for crudes, at an increase of 4.3mn barrel, against expectations for a decline.   At the other end,  the USDIDR closed  at IDR14,311 vs. IDR14,321  the previous one.

Cheers,