JAKARTA (TheInsiderStories) – Good morning! Statistic Indonesia will announce July’ inflation rate today. In June, the agency recorded inflation 0.55 percent from prior month at 0.68 percent. For a calendar year the inflation recorded 2.05 percent an annual inflation was 3.28 percent.
At the bilateral meeting with Minister of Foreign Affairs of Vietnam Pham Binh Minh in Bangkok, Thailand, Indonesian foreign minister Retno Marsudi said the two leaders discussed an efforts to resolve maritime boundary negotiations or exclusive economic zones.
Besides, the two ministers also agreed to settle the preparation of a Provisional Arrangement to temporarily overlap areas to avoid the possibility of incidents of fishing vessels in overlapping areas, including discussing the situation in the South China Sea. She said, Indonesia consistently says that peace and stability in the South China Sea need to be maintained.
While foreign minister of China Wang Yi warned foreign countries against any attempt to sow disputes between the country and ASEAN by raising a dispute over the South China Sea, saying the differences could be resolved peacefully between the affected parties themselves.
Indonesia has again suffered on the mass forest fires in several provinces covering an area of 42 thousand hectares. The area of burned land and forest is the most extensive in Riau. The most burned land and forests also occured in East Kalimantan, South Sumatra and North Kalimantan. While the number of hotspots per July 30 is spread in a number of regions totaling 402 hotspots, starting from Aceh to Kalimantan.
According to an official in Central Kalimantan, forest fires in a number of areas were allegedly due to a connection or triggered by the issue of moving the capital city of Indonesia to the island of Kalimantan. A number of people who own land in this province intentionally clean their land by being burned to be planted with vegetation, so that indirectly and slowly there is a recognition that the land belongs to them.
British foreign minister Dominic Raab said, that his government approached ASEAN members to target markets and business opportunities in the region as part of preparation for the country’ exit from the European Union in October. Britain value of trade in this region reached $43.80 billion annually.
While, United States (US) and China will resume trade negotiations in Washington in early September after the two countries discussed increasing purchases of US agricultural products in Shanghai during the last two days of talks in this week. Amid talks, President Donald Trump released a series of tweets criticizing China’ trade practices, claiming that he did not buy more US agricultural products as promised.
He alleged that China might be awaiting the outcome of the 2020 presidential election. But when he continued to win, the Chinese agreement would be far more difficult or no agreement at all.
Yesterday, price of crude palm oil (CPO) continued to strengthen due to predictions of price increase by some analysts. In Wednesday’ trade, the benchmark of CPO contract for October delivery on the Bursa Malaysia Derivatives Exchange rose 0.19 percent to a level of MYR2,06 (US$501) a ton.
Palm oil analyst Doab Mistry said that CPO prices will rise and touch levels $534 per ton in September 2019. This is due to the palm oil production cycle which will slow down in that period, but Mistry also warned of an increase in production after September which could weaken CPO prices due to excess supply, where he estimated total Malaysian palm oil production in 2019 will reach 20.3 million tons, while Indonesia will reach 45 million tons.
Yesterday, the Jakarta Composite Index closed higher to 6,390.51 or up 0.21 percent compared to previous day. With The Federal Reserves’ decision to cut its interest rates the composite indext is estimating remains in green zone until the end of this week.
The stocks to be watch today are PT Bliss Property Indonesia Tbk (IDX: POSA), PT HM Sampoerna Tbk (IDX: HMSP), PT MNC Vision Networks (IDX: IPTV), PT Smart Telecom Tbk (IDX: FREN), PT Erajaya Swasembada Tbk (IDX: ERAA), PT Astra International Tbk (IDX: ASII), PT Telkom Indonesia Tbk (IDX: TLKM), PT Barito Pacific Timber Tbk (IDX: BRPT), and PT Mas Murni Indonesia Tbk (IDX: MAMI)
At the same day, Rupiah rose slightly by 0.04 percent to 14,022 per US dollar. Today, the local currency its expecting still in the green zone follow the Statistic Indonesian announcement.
US$1 = Rp14.000
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team. Please Read Our Insight to Get More Information about Indonesia