Indonesia Weekly Market Update
Indonesian stocks made a solid bounce finished higher a mixed session with investors continue to weigh prospect for economic recovery in the country.
Jakarta composite rose 42.198 points (+0.7%) to 6,068.219 while LQ45 added 1.78% to 871.845. There were 26.137 billion shares traded worth of Rp12.865 trillion, including transaction of Rp1.38 trillion in negotiation market. Foreign investors purchased a net Rp699.85 billion in regular market. 208 shares rose while 299 declined and 143 unchanged.
Indonesia budget committee set a target for economic growth at the level of 5.2% YoY in 2022. The figure is much higher than the 2021 outlook which is 3.7-4.5% YoY. Meanwhile on other news, OJK cut credit growth target to 4.0-4.5% for 2021 from previously 5-7%.
GGRM is developing three new companies to explore e-cigarette business that will cover raw material imports, e-cigarette production and distribution.
JSMR had absorbed Rp2 trillion of capex in 1H21 out of a budget of Rp7 trillion in 2021. With the current progress, JSMR’s 2021 capex absorption will most likely be around Rp5 trillion, however up to Rp7 trillion in capex could be absorbed if projects can be sped up.
On the data front, Retail sales in Indonesia dropped by 2.9% year-on-year in July 2021, reversing sharply from a 2.5% rise a month earlier.
According to JISDOR released Wednesday afternoon, Rupiah weakened 6 points (-0.04%) at 14,272 spot rate stayed at 14,250.
Stocks in Asia and Europe were mostly down on Thursday, with investors digesting mixed inflation data from China while also continue to monitor a slowing global economic recovery from COVID-19.
China’s consumer price index rose 0.8% year-on-year in August, compared to expectations for a 1% increase. Meanwhile, the producer price index jumped 9.5% from a year ago, as compared to forecasts of a 9% rise.
The trade surplus in Germany came in at €18.1 billion in July of 2021, compared with a €19.2 billion surplus a year earlier. Exports jumped 12.4% to €115 billion while Imports rose 16.6% to €96.9 billion.
U.S. President Joe Biden is due to decide whether to nominate Fed Chairman Jerome Powell for a second term within the week.
The possibility that central banks will gradually begin to withdraw monetary policy support is also remain of concern, ahead of the European Central Bank handing down its policy decision later in the day.
Oil prices little changed in Thursday morning with Brent crude slipped 1 cent (-0.01%) at $72.63 per barrel and U.S WTI slipped 8 cents (-0.12%) at $69.22 barrel. The American Petroleum Institute reported late Wednesday that U.S. crude supplies fell by 2.9 million barrels for the week ended Sept. 3.
Indonesia Weekly Market Update
STOXX 50.. 4,158.95 (-0.44%)
CAC 40.. 6,649.89 (-0.28%)
DAX.. 15,577.70 (-0.21%)
FTSE.. 7,033.01 (-0.88%)
NIKKEI.. 30,008.19 (-0.57%)
HSI.. 25,700.58 (-2.36%)
SHCOMP.. 3,693.13 (+0.49%)
TAIEX.. 17,304.33 (+0.20%)
KOSPI.. 3,114.70 (-1.53%)
S&P/ASX 200.. 7,369.50 (-1.90%)
SENSEX.. 58,200.88 (-0.08%)
STI.. 3,027.84 (+0.13%)
DOW FUT.. 34,829.00 (-0.19%)
S&P FUT.. 4,492.75 (-0.24%)
NASDAQ FUT.. 15,577.25 (-0.22%)
For previous market review : Indonesia Market Week in Review (14) 8.9.2021
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