Market Update: Indonesian Stocks Trade Mixed on Tuesday

Market update: Indonesian stocks trade mixed on Tuesday

• Indonesian stocks were mixed on Tuesday trade as investors digested first quarter earnings while global sentiment remain fragile.
• Indonesian government officials told palm oil companies an export ban it announced last week would cover shipments of refined, bleached, deodorized palm olein but not crude palm oil.
• Asian and European stocks were mostly higher after plunging the previous day while concerns surrounding China’s Covid continue to linger. Australian stocks however fell as trading resumed from a holiday on Monday.
• China’s central bank pledged to promote healthy and stable development of financial markets and provide a good monetary and financial environment

Indonesian stocks were mixed on Tuesday trade as investors digested first quarter earnings while global sentiment remain fragile.

Jakarta composite added 16.174 points (+0.224%) to 7,232.153 while LQ45 jumped 1.05% to 1,075.107. There were 32.398 billion shares traded worth of Rp39.937 trillion, including transaction of Rp25.11 trillion in negotiation market. 241 shares rose while 295 declined and 154 unchanged. Foreign investors purchased as much as Rp1.08 trillion in regular market.

On currency, according to JISDOR Tuesday afternoon, rupiah recovered 40 points (+0.28%) to 14,412. Spot rate also climbed 45 points (+0.31%) at 14,410.

Indonesian government officials told palm oil companies an export ban it announced last week would cover shipments of refined, bleached, deodorized palm olein but not crude palm oil.

Corporate news

• BBTN reported 23.89% increase in net profit in the first quarter of 2022 with non-performing loan declined.
• BTPS recorded a total net profit of Rp 411 billion in the first quarter of 2022, grew 9.6% compared to the same period last year of Rp375 billion. The company is also set to distribute a total of 457.6 billion or Rp61.75 per share cash dividends for the 2021 financial year, to be paid on May 20, 2022.
• On other Q1 financial performances, BIRD’s net income improved by 40.39% from previous year, MSIN’s net income increased 84%, AKRA’s net profit rose 40%.
• SAME has completed the purchase of 25% of Keutenberg Holdings BV’s portion in PT Nitra Sanata Dharma, the managing company of Jakarta Eye Center, for Rp13.11 billion last week.
• Another Rp21.29 trillion foreign capital flowing into TBIG.

Global markets

• Asian and European stocks were mostly higher after plunging the previous day while concerns surrounding China’s Covid continue to linger. Australian stocks however fell as trading resumed from a holiday on Monday.
• China’s central bank pledged to promote healthy and stable development of financial markets and provide a good monetary and financial environment. It reiterated it will keep liquidity reasonably ample.
• China’s lockdown situation is threatening its economy and world’s supply chain. On top of that, markets have also been fretting that an aggressive pace of Fed tightening could derail the global economy, which has only just started to recover from the COVID-19 pandemic hit.
• Benchmark US 10-year yields were steady at 2.8121% in morning deals. Treasury yields retreated on Monday from hawkish Fed-induced highs, as the China lockdown and growth fears sent investors to the safety of U.S. bonds.

Commodities

• Oil prices swung on Tuesday with Brent crude futures fell again by 96 cents, or 0.94%, to $101.36 a barrel, and U.S. West Texas Intermediate contracts declined $1.23, or 1.25%, to $97.31 a barrel.
• Gold rose on Tuesday as the dollar edged lower, with palladium also rebounding after concerns over reduced demand due to COVID lockdowns in China drove prices to a near one-month low in the previous session.
• Spot gold hit its lowest level since March 29 on Monday and Palladium prices also fell nearly 13% to their lowest since end-March as fears of further COVID-19 lockdowns in key consumer China reduced demand prospects for the metal, which is used in vehicle exhausts to curb emissions.

Major index this afternoon:

STOXX 50.. 3,795.76 (+1.02%)
CAC 40.. 6,501.35 (+0.81%)
DAX.. 14,078.88 (+1.11%)
FTSE.. 7,436.74 (+0.76%)

NIKKEI.. 26,700.11 (+0.41%)
HSI.. 19,934.71 (+0.33%)
SHCOMP.. 2,886.43 (-1.44%)
TAIEX.. 16,644.79 (+0.14%)
KOSPI.. 2,668.31 (+0.42%)
S&P/ASX 200.. 7,318.00 (-2.08%)
SENSEX.. 57,136.03 (+0.98%)
STI.. 3,329.22 (-0.31%)

DOW FUT.. 33,895.00 (-0.21%)
S&P FUT.. 4,286.50 (-0.15%)
NASDAQ FUT.. 13,526.00 (-0.07%)