The JCI March 20, 2023

𝐌𝐚𝐫𝐜𝐡 𝟐𝟎, 𝟐𝟎𝟐𝟑

* 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞: 𝟔,𝟔𝟎𝟎𝐩𝐭 – 𝟔,𝟕𝟑𝟎𝐩𝐭  (𝐅𝐫𝐢𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟔,𝟔𝟕𝟖𝐩𝐭)

* 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐦𝐚𝐣𝐨𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐧𝐝𝐞𝐱𝐞𝐬 𝐜𝐥𝐨𝐬𝐞𝐝 𝐥𝐨𝐰𝐞𝐫 𝐛𝐲 𝐚𝐫𝐨𝐮𝐧𝐝 𝟏%, 𝐦𝐚𝐢𝐧𝐥𝐲 𝐭𝐫𝐢𝐠𝐠𝐞𝐫𝐞𝐝 𝐛𝐲 𝐫𝐮𝐧𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒)-𝐥𝐢𝐬𝐭𝐞𝐝 𝐅𝐢𝐫𝐬𝐭 𝐑𝐞𝐩𝐮𝐛𝐥𝐢𝐜 𝐁𝐚𝐧𝐤 𝐚𝐬 𝐭𝐡𝐞 𝐜𝐨𝐧𝐭𝐚𝐠𝐢𝐨𝐧 𝐞𝐟𝐟𝐞𝐜𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐩𝐫𝐞𝐯𝐢𝐨𝐮𝐬 𝐜𝐨𝐥𝐥𝐚𝐩𝐬𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐕𝐁 𝐚𝐧𝐝 𝐒𝐢𝐠𝐧𝐚𝐭𝐮𝐫𝐞 𝐁𝐚𝐧𝐤

* 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 between 6,600pt–6,730pt to hold ground and be supported by bargain hunters.

The JCI is expected to be volatile with traders in a monitor on how the tightening policy in the US would proceed.

Friday last week  (3/17) on Wall Street, the DJIA closed lower by 385 points or 1.2% to 31,862pt, while the S&P500 and the Nasdaq closed lower by 1.1% and 0.7%, respectively.

Before the fallout from the US Silicon Valley Bank (SVB) and Signature Bank collapse last week, the central bank the Fed had been expected to make a half-point increase at its March meeting, set for tomorrow (3/21) and Wednesday (3/22).  After the turmoil and with regulators coming to absorb most of the systems’ spark, the current market consensus point to a 25 basis points hike, on the ground of the central bank the Fed’s circumstance to fight the country’s inflation.

Also, the 10-year United States Treasury yield fell by around 16  basis points to 3.423%.  The yield on the 2-year Treasury was last down by almost 30 basis points to 3.833%.

Friday, the price of WTI declined 2.1% to close higher at USD66.9/ barrel, mostly on demand concerns along with the latest banking sector unfolds in the US. Meanwhile, the USDIDR closed at  IDR15,364 vs. IDR15,418 the previous one.

Cheers,