JCI has broken through the psychological level of 7,000 again, breaking the “Sell in May and Go Away” theory. Foreign investors recorded a net buy of IDR 1.3 trillion, with “The Big Four” bank stocks dominating ll top buy foreign transactions.
PT Mandiri Mineral Perkasa Tbk (“Perseroan”) didirikan pada awal Oktober 2018 dan telah mulai beroperasi sebagai Kontraktor Teknik dan Pengendalian Mutu di beberapa proyek bijih nikel.
Ahead of the holiday, the JCI fell 30 points to close below the psychological level of 6,900. Meanwhile, foreign investors recorded a net sell of IDR 145 billion, with the top selling stocks including BBRI. Investors began to observe the impact of the increase in the reserve requirement, especially in the banking sector.
The government’s decision to increase energy subsidies compared to the BI 7DRRR increase in order to suppress inflation received a positive response from market players. JCI rose 1% beyond the psychological level of 6,900. Energy subsidies in 2022 will increase to IDR 443.6 trillion, covering fuel, LPG and TDL
Foreign investors recorded a net sell of IDR 154 billion, with eight of the eleven sectors posting declines. Based on the survey, BI is projected to still hold the BI 7DRRR for the period of May at the level of 3.50%. NHKSI Research projects that the JCI will rebound today, with a range of 6,800 to 7,000.
Survey predicts the Fed to continue increasing FFR in June by 50 bps to 1.25% (Lower Bound) to 1.50% (Upper Bound). NHKSI Research projects JCI to move mixed this week, in the range of 6,750 to 7,050.
The trend of Indonesia’s current account surplus, and China’s monetary easing, became positive sentiment this weekend.
The rupiah depreciation cannot be separated from the Hawkish Fed’s stance in raising its benchmark interest rate. Currently, investors are looking forward to how BI will respond to the FFR hike.
The depreciation of the rupiah, ahead of the BI RDG next week, is projected to keep the BI 7DRRR at the level of 3.50% in May. NHKSI Research projects that the JCI will move upward in the range of 6,700-6,900.
