Market Update Indonesian Stocks Reverse Losses
• Jakarta composite turned higher with foreign investors purchased as much as Rp1.11 trillion in regular market only.
• AGII booked a net profit of Rp211.48 billion in 2021, jumped 111.8% from previous year.
• Asian shares were down while the U.S. dollar held strong on Tuesday, as Treasury yields spiked to a three year high ahead of U.S. inflation data later Tuesday.
• European equity markets sank after an undisclosed investor sold large stakes Deutsche Bank and Commerzbank.
• Authorities in Shanghai introduced the three-tier disease control system on Monday, allowing residents in areas where no cases have been reported for 14 days to leave their homes so long as they follow health protocols and remain in their sub-district.
Jakarta composite rose 10.987 points (+0.153%) to 7,214.781 while LQ45 rose 0.74% to 1,036.85. There were 27.578 billion shares traded worth of Rp15.905 trillion, including transaction of Rp1.566 trillion in negotiation market. 216 shares rose while 344 declined and 128 unchanged. foreign investors purchased as much as Rp1.11 trillion in regular market only.
On currency, according to JISDOR Tuesday afternoon, rupiah climbed 6 points to 14,364. Spot rate added 5 points (+0.03%) at 14,360.
Corporate News Updates
- MAPA recorded a net profit of Rp2.2 trillion in fourth quarter of 2021, increased 140.9% from Rp930.8 billion in previous quarter.
- AGII booked a net profit of Rp211.48 billion in 2021, jumped 111.8% from previous year.
Global Markets Updates
- Asian shares were down while the U.S. dollar held strong on Tuesday, as Treasury yields spiked to a three year high ahead of U.S. inflation data later Tuesday stateside that could provide more clues on the outlook for Federal Reserve policy.
- Meanwhile in Europe, equity markets sank as traders monitored heaving selling in the banking sector after an undisclosed investor sold large stakes in Germany’s biggest lenders, Deutsche Bank and Commerzbank.
- Chinese markets struggled to recover from Monday’s heavy losses as Shanghai’s Covid-19 lockdown leaves residents struggling to access food or medical care. Meanwhile, Authorities in Shanghai introduced the three-tier disease control system on Monday, allowing residents in areas where no cases have been reported for 14 days to leave their homes so long as they follow health protocols and remain in their sub-district.
- On the data front, China’s trade surplus widened to $115.95 billion in January – February 2022 combined from $97.05 billion in the same month a year earlier, easily beating market forecasts of $99.5 billion. Export extended their double-digit growth, increasing by 16.3% from a year earlier, while imports rose at a softer 15.5%.
- investors will also keep an eye on developments in Ukraine and ECB meeting on Thursday.
Commodities Updates
- Oil prices climbed on Tuesday as fears of a demand downturn in China eased after Shanghai relaxed some COVID-19 related restrictions. Investors now await U.S. crude oil supply from the American Petroleum Institute, due later in the day.
- Brent crude futures were up $3.35, or 3.40%, to $101.83 a barrel, and U.S. West Texas Intermediate contracts were up $3.05, or 3.23%, to $97.34 a barrel. Both contracts had settled down around 4% on Monday.
- Gold futures gained 0.4% to $1,956.4. In other precious metals, silver was down 0.4% at $24.97 while platinum inched up 0.1%. Palladium rose 0.7% to $2,448.14 after hitting a peak of $2,550.58 during the previous session, its highest since Mar. 24. London barred the trading of newly refined Russian platinum and palladium from Friday.
Major index this afternoon:
STOXX 50.. 3,807.53 (-0.84%)
CAC 40.. 6,495.24 (-0.92%)
DAX.. 14,048.61 (-1.02%)
FTSE.. 7,586.87 (-0.41%)
NIKKEI.. 26,334.98 (-1.81%)
HSI.. 21,319.13 (+0.52%)
SHCOMP.. 3,213.33 (+1.46%)
TAIEX.. 16,990.91 (-0.34%)
KOSPI.. 2,666.76 (-0.98%)
S&P/ASX 200.. 7,454.00 (-0.42%)
SENSEX.. 58,746.82 (-0.37%)
STI.. 3,335.54 (-0.83%)
DOW FUT.. 34,174.00 (-0.13%)
S&P FUT.. 4,406.25 (-0.06%)
NASDAQ FUT.. 14,008.75 (+0.06%)
For previous market review: Market Update Indonesian Stocks Extend Gains
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