The JCI closed slightly lower 0.14% to a level of 6,954.97 over the weekend; marked by declines in 5 of 11 sectors. This week, the lack of new sentiment from within the country, means investors will be more inclined to pay close attention to global catalysts.
This weekend, we project the JCI to move upward with a range of movement of 6,900 to 7,080.
Investors will also anticipate the announcement of Bank Indonesia’s (BI) interest rate policy, which is estimated to keep the BI-7 Day Reverse Repo Rate at 3.5%.
The JCI closed significantly higher by more than 1%, supported by an increase in 8 out of 11 sectors. Market participants are looking at the Fed’s rate hike to provide certainty, amid fears of rising US inflation. Today, JCI is projected to move upward with a range of movement in the range of 6,900 to 7,080.
Wall Street closed higher the day before the Fed meeting amid falling oil prices. The Central Bank of the United States (US) is projected to raise its benchmark interest rate by 25 bps, for the first time in three years. Meanwhile, oil prices fell 7% amid hopes of an end to the conflict in Ukraine.
Continuing trading at the beginning of the week, today JCI is trying to maintain movement in the range of 6,850 – 7,000.
From US economic data, the Payroll report for the February 2022 period recorded 678 thousand new jobs, while annual inflation returned to a new record high in the last 40 years at the level of 7.9%.
PT NH Korindo Sekuritas Indonesia dan PT Sinarmas Asset Management sepakat untuk menjalin kerjasama dalam pemasaran reksadana.
Bank Indonesia is also scheduled to announce the results of the Board of Governors’ Meeting, with a survey of economists predicting the BI-7DRRR benchmark interest rate to continue to be maintained at 3.5%.
