The JCI March 8, 2023

𝐌𝐚𝐫𝐜𝐡 𝟖, 𝟐𝟎𝟐𝟑

* 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞: 𝟔,𝟕𝟎𝟎𝐩𝐭 – 𝟔,𝟖𝟐𝟎𝐩𝐭  (𝐘𝐞𝐬𝐭𝐞𝐫𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟔,𝟕𝟔𝟕𝐩𝐭)

* 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐦𝐚𝐣𝐨𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐧𝐝𝐞𝐱𝐞𝐬 𝐜𝐥𝐨𝐬𝐞𝐝 𝐥𝐨𝐰𝐞𝐫 𝐛𝐲 𝟏.𝟓%, 𝐦𝐚𝐢𝐧𝐥𝐲 𝐬𝐩𝐮𝐫𝐫𝐞𝐝 𝐛𝐲 𝐅𝐞𝐝𝐞𝐫𝐚𝐥 𝐑𝐞𝐬𝐞𝐫𝐯𝐞 𝐂𝐡𝐚𝐢𝐫𝐦𝐚𝐧 𝐉𝐞𝐫𝐨𝐦𝐞 𝐏𝐨𝐰𝐞𝐥𝐥’𝐬 𝐜𝐨𝐦𝐦𝐞𝐧𝐭𝐬 𝐛𝐞𝐟𝐨𝐫𝐞 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒) 𝐒𝐞𝐧𝐚𝐭𝐞 𝐢𝐧𝐝𝐢𝐜𝐚𝐭𝐢𝐧𝐠 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐫𝐚𝐭𝐞𝐬 𝐦𝐚𝐲 𝐧𝐞𝐞𝐝 𝐭𝐨 𝐠𝐨 𝐡𝐢𝐠𝐡𝐞𝐫 𝐟𝐨𝐫 𝐥𝐨𝐧𝐠𝐞𝐫

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

Morning,

The Jakarta Composite Index (JCI) today (3/8) is expected to trade between 6,700pt–6,820pt to hold ground and be supported by bargain hunters.  The JCI today is expected to also be supported by the latest release of Indonesia’s foreign currency reserves figure, for February, at USD140.3bn (January: 139.4bn).

 Meanwhile, yesterday  (3/7) on Wall Street, the DJIA closed lower by 575 points or 1.7% to 32,857pt, while the S&P500 and the Nasdaq closed lower by 1.5% and  1.3%, respectively.  The US central bank chairman cautioned lawmakers that the central bank’s terminal rate will likely be higher than previously anticipated due to consistently high economic data in recent weeks.

Yesterday, the 10-year United States Treasury yield closed almost unchanged point at 3.971%.  The yield on the policy-sensitive 2-year Treasury was trading more than 12 basis points at 5.015%.

Yesterday, the price of WTI closed lower by 3.6% to USD77.6/ barrel, mainly triggered by the higher USD Index after comments from the US  Federal Reserve Chair Jerome Powell before the country’s Banking, Housing, and Urban Affairs Committee Senate.  Meanwhile, the USDIDR closed at  IDR15,359 vs. IDR15,306 the previous one.

Cheers,