The JCI February 29, 2024

𝐅𝐞𝐛𝐫𝐮𝐚𝐫𝐲 𝟐𝟗, 𝟐𝟎𝟐𝟒

• 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞:𝟕,𝟐𝟔𝟎 – 𝟕,𝟑𝟗𝟎 𝐩𝐨𝐢𝐧𝐭𝐬 (𝐘𝐞𝐬𝐭𝐞𝐫𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟕,𝟑𝟐𝟗 𝐩𝐨𝐢𝐧𝐭𝐬)

• 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐦𝐚𝐣𝐨𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐧𝐝𝐞𝐱𝐞𝐬 𝐜𝐥𝐨𝐬𝐞𝐝 𝐥𝐨𝐰𝐞𝐫 𝐛𝐲 𝟎.𝟑% , 𝐫𝐞𝐥𝐚𝐭𝐢𝐯𝐞𝐥𝐲 𝐦𝐮𝐭𝐞𝐝 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐮𝐩𝐜𝐨𝐦𝐢𝐧𝐠 𝐫𝐞𝐥𝐞𝐚𝐬𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒) 𝐜𝐞𝐧𝐭𝐫𝐚𝐥 𝐛𝐚𝐧𝐤 𝐩𝐫𝐞𝐟𝐞𝐫𝐫𝐞𝐝 𝐜𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐠𝐚𝐮𝐠𝐞 𝐟𝐨𝐫 𝐉𝐚𝐧𝐮𝐚𝐫𝐲

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

Morning,

The Jakarta Composite Index (JCI) today (2/29) is expected to trade in the range of  7,260 – 7,390 points to attempt higher with the support of bargain hunters.

Meanwhile, yesterday  (2/28) on Wall Street, the DJIA closed lower by 23 points or 0.06%  to  38,949  points. On the other end, the S&P500 and the Nasdaq Composite closed lower by 0.17% and 0.55%, respectively.

The US Commerce Department on Thursday (2/29) will release the January reading on the personal consumption expenditures price index. Economists are forecasting a 0.3% monthly gain and a 2.4% 12-month move, according to a Dow Jones survey.

Yesterday, the yield of the 10-year  US  Treasury was last trading lower by 3 basis points at 4.282%. The 2-year Treasury yield declined 5 basis points at 4.656%.

Yesterday (2/28),  the WTI futures contract for April fell by 0.42% at USD78.54/barrel, mainly supported by the supply side along with a growing conviction that the crude cartel OPEC+members would extend the current level of 2.2mn output cut into the 2Q this year.  Meanwhile, the USDIDR closed at IDR15,673 vs. IDR15,655 the previous one.

Cheers,