The JCI September 9, 2020
๐๐๐ฉ๐ญ๐๐ฆ๐๐๐ซ ๐, ๐๐๐๐
* ๐๐ก๐ ๐๐๐ ๐ญ๐ซ๐๐๐ข๐ง๐ ๐ซ๐๐ง๐ ๐: ๐,๐๐๐๐ฉ๐ญ – ๐,๐๐๐๐ฉ๐ญย (๐๐๐ฌ๐ญ๐๐ซ๐๐๐ฒ ๐๐ฅ๐จ๐ฌ๐: ๐,๐๐๐๐ฉ๐ญ)
* ๐๐ง๐๐ข๐๐๐ฌ ๐ข๐ง ๐๐๐ฅ๐ฅ ๐๐ญ๐ซ๐๐๐ญ ๐ฉ๐ฅ๐ฎ๐ง๐ ๐๐ ๐จ๐ง ๐๐ฏ๐๐ซ๐๐ ๐ ๐๐ฒ ๐จ๐ฏ๐๐ซ ๐%,ย ๐ฆ๐๐ข๐ง๐ฅ๐ฒ ๐จ๐ง ๐๐จ๐๐ข๐ง๐ ๐๐จ๐ซ ๐ญ๐ก๐ ๐๐๐๐, ๐๐ง๐ ๐จ๐ง ๐ฎ๐ง๐ฌ๐ฎ๐ฌ๐ญ๐๐ข๐ง๐๐๐ฅ๐ ๐ฏ๐๐ฅ๐ฎ๐๐ญ๐ข๐จ๐ง๐ฌ ๐๐จ๐ซ ๐ญ๐๐๐ก ๐ฌ๐ก๐๐ซ๐๐ฌ ๐๐จ๐ซ ๐๐จ๐ญ๐ก ๐ญ๐ก๐ ๐&๐๐๐๐ ๐๐ง๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ช
* ๐๐ก๐ ๐๐๐ ๐ข๐ฌ ๐๐ฑ๐ฉ๐๐๐ญ๐๐ ๐ญ๐จ ๐ก๐จ๐ฅ๐ ๐ฌ๐๐ฅ๐ฅ๐ข๐ง๐ ๐ฉ๐ซ๐๐ฌ๐ฌ๐ฎ๐ซ๐๐ฌ, ๐๐ฅ๐ฌ๐จ ๐จ๐ง ๐ญ๐ก๐ ๐๐ข๐ฏ๐ ๐จ๐ ๐๐๐ ๐ฉ๐ซ๐ข๐๐ ๐ญ๐ก๐๐ญ ๐ฌ๐๐ญ๐ญ๐ฅ๐๐ ๐๐ฒ ๐% ๐ฅ๐จ๐ฐ๐๐ซ ๐ข๐ง ๐ญ๐ก๐ ๐ฅ๐๐ฌ๐ญ ๐๐ฅ๐จ๐ฌ๐
Morning,
The Jakarta Composite Index (JCI) today (8/9) is expected to be within the range of 5,150pt โ 5,300pt, to hold selling pressures but supported by bargain hunters. Meanwhile, yesterday (8/9) the DJIA ended lower by 632 points or 2.3%, while S&P500 and the Nasdaq both closed by 2.8% and 4.1%, respectively.
๐๐ง๐๐จ๐ง๐๐ฌ๐ข๐ ๐๐จ๐ง๐ฌ๐ฎ๐ฆ๐๐ซ ๐๐๐๐ญ๐จ๐ซ
๐๐ข๐ ๐ก๐ฅ๐ข๐ ๐ก๐ญ ๐๐ซ๐จ๐ฆ ๐ญ๐ก๐ ๐ง๐๐ฐ๐ฌ
Government bonds auction which was held yesterday attracted investorsโ bid in the amount of IDR52.3tr vs. IDR78.3tr in the last one, representing a decline of 33%. ย Decline in the incoming- bid was mainly associated with the plan of central bank law amendment which has the implication to reduce the bankโs independence. The government approved final bid of IDR22tr , representing a bid-to-cover ratio of 2.4 times, with a weighted average yield lower as compared to that of in the secondary market on the previous day, and compared to the one in the last auction, data as quoted from the media release.
The bid-to-cover ratio and the effective weighted-average-yield of yesterdayโs ย auction reflected healthy investorsโ interest. This was not only due to the current relatively stable domestic ย banks system condition, but also many countries are still intensifying expansive monetary stance. In the United States, the latest policy of the central bank allows the inflation rate be higher above the target of 2% to allow lower unemployment ratesย while keeping the reference rate unchanged. ย ย The Fedโs last ย statement on monetary policy goals reflects shift of focus from “assessments of the shortfalls of employment from its maximum level” to “deviations from its maximum level.โ ย Intensifying expansive monetary stance in other countries allow yield differential to remain attractive at the declining trend of reference rates BI7D-RRR, in our observation.
At the other end, yesterday the WTI price closed lower by 7.6% at USD36.8/barrel as compared to the previous amid growing demand concerns as Covid-19 continues to spread..ย Meanwhile the ย USDIDR ย closedย at IDR14.798 vs. IDR14.754 the previous one.
We advise the following recommendations, for both trading and longer-time investment purpose. ๐๐๐๐, ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐จ๐ณ๐ช, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ฏ๐ฅ๐ฆ๐ณ๐ธ๐ฆ๐ช๐จ๐ฉ๐ต ), ๐๐๐๐, ๐๐๐๐, ๐๐๐๐, ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ฐ๐ข๐ญ ๐๐ช๐ฏ๐ช๐ฏ๐จ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ข๐ณ๐ฌ๐ฆ๐ต-๐ธ๐ฆ๐ช๐จ๐ฉ๐ต), ๐๐๐๐, ๐๐๐๐, ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ฐ๐ฏ๐ด๐ถ๐ฎ๐ฆ๐ณ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ท๐ฆ๐ณ๐ธ๐ฆ๐ช๐จ๐ฉ๐ต ), ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ถ๐ต๐ฐ๐ฎ๐ข๐ต๐ช๐ท๐ฆ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ข๐ณ๐ฌ๐ฆ๐ต-๐ธ๐ฆ๐ช๐จ๐ฉ๐ต), ๐๐ง๐ ๐๐๐๐, ๐๐๐๐, ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ณ๐ข๐ฅ๐ฆ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ท๐ฆ๐ณ๐ธ๐ฆ๐ช๐จ๐ฉ๐ต),๐๐ง๐ ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ข๐ด๐ช๐ค ๐๐ฏ๐ฅ๐ถ๐ด๐ต๐ณ๐บ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ข๐ณ๐ฌ๐ฆ๐ต-๐ธ๐ฆ๐ช๐จ๐ฉ๐ต).
Cheers,