Abnormalities are happening in the world oil market - Photo: Special

JAKARTA (TheInsiderStories) –  Good Morning! Abnormalities are happening in the world oil market. After the West Texas Index, now the Brent crude oil price has also fell below US$20 a barrel for the first time in 18 years.

Responding the current development, non-Organization of the Petroleum Exporting Countries members, Saudi Arabia and Russia announced, they were ready to take extra measures to stabilize oil markets along with other producers.

On Tuesday, stock market also took tumble today as a plunge in oil prices weighed on investor sentiment, even as Congress readies a US$500 billion coronavirus aid package to further support the economy. In Wall Street, Dow falling 2.67 percent, S&P 500 slipped 3,07 percent and Nasdaq dropped 3.48 percent.

In Indonesia,

In Indonesia, President Joko Widodo arrived at a decision to ban all Indonesians from returning to their homeland during Eid Al-fitr to curb the transmission of the epidemic. The ban is effective as of Friday (04/24) and there are sanctions, with application effectively carried out starting May 7.

On Tuesday, Indonesia had recorded 7,135 confirmed cases of COVID-19, with 616 deaths and 842 having recovered. In addition, 16,763 patients under surveillance and 186,330 people under surveillance.

The virus infection has spread to all 34 Indonesian provinces, with the highest count of confirmed cases recorded in Jakarta, reaching 3,097, followed by 747 in West Java, 590 in East Java, 370 in South Sulawesi, 351 in Central Java, 341 in Banten, 140 in Bali, 107 in Papua, 96 in South Kalimantan, 89 in South Sumatra, and 83 in North Sumatra.

Globally, 2.48 million people in 213 countries had contracted the COVID-19. It also recorded 170,439 deaths owing to the virus and 647,734 patients having recovered.

The United States has 792,913 confirmed cases, followed by Spain, with 200,210 cases, Italy 181,228 cases, France 155,383 cases, Germany 147,065 cases, the United Kingdom 124,743 cases, Turkey 90,980 cases, and Iran 83,505 cases.

Yesterday, Indonesian Rupiah closed down 0.36 percent to the level of 15,467 against American Dollar. And, the Jakarta Composite Index (JCI) also fell 1.62 percent to 4,501.92.

According to analysts, the cause of the weakening of the local currency and the stock index because demand for the US Dollar increased in April because many publicly listed companies had to pay dividends in the first quarter. Externally, they rated, oil prices had plunged to their lowest levels and speculation about the health condition of North Korean leader Kim Jong Un caused global concern.

Positive sentiment came from the Federal Reserves, which plans to return a stimulus package of $450 billion to small businesses and hospitals affected by the pandemic after pouring out stimulus twice as much as $2.2 trillion and $2.3 trillion

For today, the observers sees the Rupiah will move in the range of 15,320 – 15,570 and JCI between 4,500 – 4,605. Shares that can be considered today include PT Aneka Gas Industri Tbk (IDX: AGII), PT Bank Mandiri Tbk (IDX: BMRI), PT Kalbe Farma Tbk (IDX: KLBF), PT Semen Indonesia Tbk (IDX: SMGR), and PT Wijaya Karya Tbk (IDX: WIKA).

Then, PT Sarana Menara Nusantara Tbk (IDX: TOWR), PT Surya Citra Media Tbk (IDX: SCMA), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Indofood Sukses Makmur Tbk (IDX: INDF), PT Adaro Energy Tbk (IDX: ADRO), PT Unilever Indonesia Tbk (IDX: UNVR), PT Telekomunikasi Indonesia Tbk (IDX: TLKM), and PT Merdeka Copper Gold Tbk (IDX: MDKA).

May you have a profitable day!

Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia