The JCI March 21, 2024

𝐌𝐚𝐫𝐜𝐡 𝟐𝟏, 𝟐𝟎𝟐𝟒

• 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞: 𝟕,𝟐𝟖𝟎 – 𝟕,𝟒𝟒𝟎 𝐩𝐨𝐢𝐧𝐭𝐬  (𝐘𝐞𝐬𝐭𝐞𝐫𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟕,𝟑𝟑𝟏 𝐩𝐨𝐢𝐧𝐭𝐬)

• 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐦𝐚𝐣𝐨𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐧𝐝𝐞𝐱𝐞𝐬 𝐜𝐥𝐨𝐬𝐞𝐝 𝐡𝐢𝐠𝐡𝐞𝐫 𝐛𝐲 𝐚𝐫𝐨𝐮𝐧𝐝 𝟏%, 𝐦𝐚𝐢𝐧𝐥𝐲 𝐬𝐩𝐚𝐫𝐤𝐞𝐝 𝐛𝐲 𝐭𝐡𝐞 𝐚𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐦𝐞𝐧𝐭 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒) 𝐜𝐞𝐧𝐭𝐫𝐚𝐥 𝐛𝐚𝐧𝐤 𝐭𝐡𝐞 𝐅𝐞𝐝𝐞𝐫𝐚𝐥 𝐑𝐞𝐬𝐞𝐫𝐯𝐞 𝐚𝐟𝐭𝐞𝐫 𝐭𝐡𝐞 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐢𝐨𝐧 𝐨𝐟 𝐌𝐚𝐫𝐜𝐡’𝐬 𝐅𝐎𝐌𝐂 𝐦𝐞𝐞𝐭𝐢𝐧𝐠

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

Morning,

The Jakarta Composite Index (JCI) today (3/21)  is expected to trade in the range of  7,280 – 7,440 points to attempt higher with the support of bargain hunters.

The JCI today is expected to also be supported by the announcement of the presidential election 2024 last night by the General Elections Commission (KPU). Investor-friendly candidate Prabowo–Gibran secured the majority of the total 164.2mn votes, at 58.6%, while other candidates, Anies-Cak Imin and Ganjar-Machfud got 41mn (24.9%) and 27mn votes (16.5%), respectively.  

Although stakeholders could get a preview of the outcome since the day of balloting on February 14 by the independent quick count method, in between days to the official announcement from the KPU last night,  stakeholders could witness manners being observed among presidential candidates and their supporters.   

Anies-Cak Imin has announced to submit challenge for the results to the  Constitutional Court.

Meanwhile, yesterday (3/20) on Wall Street, the DJIA closed higher by 401 points or 1.04%  to  39,512  points. The S&P500 and the Nasdaq Composite closed higher by 0.89% and 1.25%, respectively.

The US central bank announced to keep borrowing costs unchanged at 5.25% – 5.50%  at its two-day March policy meeting yesterday. Fed Chair Jerome Powell said the Fed did not elaborate on timing but reiterated three cuts to come, as long as the data cooperate. Futures markets following the meeting were pricing in a nearly 75% probability that the first cut would come at the June 11-12 meeting, according to the CME Group’s FedWatch gauge.

Yesterday, the yield of the 10-year  US  Treasury last fell by 2 basis points to 4.281%. The 2-year Treasury yield dropped by 7  basis points to 4.617%.

Yesterday, the US West Texas Intermediate futures for April delivery, which expire on Wednesday (3/27), ended lower by 2.14%  at USD81.7/barrel, to continue a technical retreat following a recent rally to USD83.8/barrel which was a week-high since March 15.  Meanwhile, the USDIDR closed at IDR15,727 vs. IDR15,712.

Cheers,