The JCI March 20, 2024

𝐌𝐚𝐫𝐜𝐡 𝟐𝟎, 𝟐𝟎𝟐𝟒

• 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞: 𝟕,𝟐𝟕𝟎 – 𝟕,𝟒𝟐𝟎 𝐩𝐨𝐢𝐧𝐭𝐬 (𝐘𝐞𝐬𝐭𝐞𝐫𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟕,𝟑𝟑𝟕 𝐩𝐨𝐢𝐧𝐭𝐬)

• 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐦𝐚𝐣𝐨𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐧𝐝𝐞𝐱𝐞𝐬 𝐜𝐥𝐨𝐬𝐞𝐝 𝐡𝐢𝐠𝐡𝐞𝐫 𝐛𝐲 𝐚𝐫𝐨𝐮𝐧𝐝 𝟎.𝟔%, 𝐦𝐚𝐢𝐧𝐥𝐲 𝐨𝐧 𝐩𝐨𝐬𝐢𝐭𝐢𝐯𝐞 𝐯𝐢𝐛𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒) 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐫𝐞𝐬𝐢𝐥𝐢𝐞𝐧𝐜𝐲

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

Morning,

The Jakarta Composite Index (JCI) today (3/20)  is expected to trade in the range of  7,270 – 7,420 points to attempt higher with the support of bargain hunters.

The JCI today is expected to respond to 2 major releases, a public announcement of Indonesia’s central bank Bank Indonesia on the latest monthly review of the country’s monetary stance (1), and an official announcement from the General Elections Commission (KPU) for the 2024 election result, due today by law (2). Both are expected to be announced before the end of the stock market trading sessions today. Nevertheless, both are expected not to have a major impact on the JCI.  Indonesia’s central bank increased the policy rate by 25 basis points in October last year to 6.00% and kept it unchanged until last month’s policy meeting. Today, Bank Indonesia is widely expected to maintain the policy rate at 6.00%.

Meanwhile, yesterday (3/19) on Wall Street, the DJIA closed higher by 320 points or 0.83%  to  39,111 points. The S&P500 and the Nasdaq Composite closed higher by 0.56% and 0.39%, respectively.

Yesterday, the yield of the 10-year  US  Treasury last fell by 4 basis points to 4.295%. The 2-year Treasury yield was last 5  basis points lower at 4.687%.

Yesterday,  the WTI futures contract for April rose by 1.3% to USD83.75/barrel, mainly triggered by the supply side stemming from the latest development of the geopolitical event, in particular the conflict between Russia and Ukraine.  Meanwhile, the USDIDR closed at IDR15,712 vs. IDR15,672.

Cheers,