April’s trade balance surplus was worth USD 7.5 billion. This surplus, can increase the Cadev April which had fallen to USD 135.7 billion. Meanwhile, this April surplus exceeded market expectations of +USD 4 billion, and March +USD 4.5 billion.
The JCI movement was in the midst of the depreciation of the rupiah which was approaching the psychological level of IDR 14,700. NHKSI Research projects that the JCI will move upward in the range of 6,700-6,900.
Based on DJPPR data, the total bids for SBSN auctions were IDR 17 trillion, or higher than the previous SBSN auction of IDR 7.5 trillion.
JCI closed up 0.7% to 6,644, in line with positive sentiment of April’s trade balance surplus of USD 7.5 billion.
Over the weekend, benchmark SUN closed mixed, with yield on FR0091 relatively flat at 7.36%.
Investors look forward to the April trade balance data which is expected to be a surplus of +USD 4.2 billion (vs. March +USD 4.5 billion), 6.5% MoM lower. In the four-day trading week, NHKSI Research projects JCI to move in the range of 6,500-6,900.
Investors are looking forward to the release of trade balance data, exports and imports in April, and we project the JCI to move upward with a range of 6,500 to 6,700.
The positive sentiment of retail sales in March has made NHKSI Research see the potential for a rebound in the JCI, which is projected to move in the range of 6,500-6,700.
JCI briefly touched a high level of 6,900, before finally closing lower by 3.5 points to 6,816. In addition to rising consumption levels, investors are interested in noncyclical consumer stocks, which are relatively resilient to high inflation rates.
