The JCI June 2, 2022

𝐉𝐮𝐧𝐞 𝟐, 𝟐𝟎𝟐𝟐

* 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞: 𝟕,𝟎𝟖𝟎𝐩𝐭 – 𝟕,𝟐𝟒𝟎𝐩𝐭  (𝐓𝐮𝐞𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟕,𝟏𝟒𝟗𝐩𝐭)

* 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐦𝐚𝐣𝐨𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐧𝐝𝐢𝐜𝐞𝐬 𝐜𝐥𝐨𝐬𝐞𝐝 𝐥𝐨𝐰𝐞𝐫 𝐛𝐲 𝐬𝐨𝐦𝐞 𝟎.𝟔%, 𝐦𝐚𝐢𝐧𝐥𝐲 𝐬𝐮𝐩𝐩𝐨𝐫𝐭𝐞𝐝 𝐛𝐲 𝐬𝐭𝐢𝐥𝐥 𝐚 𝐯𝐢𝐞𝐰 𝐨𝐟 𝐦𝐨𝐝𝐞𝐬𝐭 𝐠𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒) 𝐞𝐜𝐨𝐧𝐨𝐦𝐲

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

Morning,

The Jakarta Composite Index (JCI) today (6/2) is expected to trade between 7,080pt – 7,240pt  to attempt higher also on support of bargain hunters. Today the JCI is expected to response on Indonesia May data release, at 0.35% MoM (April:0.95% ) and 3.5% YoY (April:3.5%),  of Bank Indonesia estimate.

The JCI Tuesday (5/31) performed at the high end of our estimate or to close pass the resistance point by some 30pts, to post a daily gain of 1.6%. Total stock trading value on the date is of IDR34.7tr, above that of daily average IDR16tr,while foreign funds netted a higher-than-usual total Buy of IDR4.1tr. Trading was dominated by those among the highest market capitalization in the IDX such as BBCA, BMRI, TLKM, MDKA, and ADRO.

 Wall Street yesterday (6/1) ended with the DJIA closed lower by 177pt, or 0.54% to 32,813pt, while the S&P500 and the Nasdaq closed lower by 0.8% and 0.7%, respectively. The US Institute for Supply Management manufacturing PMI data came in at 56.1pt for May, up from 55.4pt the month before. At the other end, the US 10-year Treasury yield closed higher by 8bp to 2.92%.

Yesterday  the WTI  price closed higher by 0.5% to  USD115.3/barrel, mainly supported by worries as the EU leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year. Meanwhile, the USDIDR closed  at IDR14,592  vs. IDR14,544 the previous one.

Cheers,