Board of governors of Bank Indonesia (BI) start the two-days meeting today to make a decision on the monetary policy for this month - Photo: Special

JAKARTA (TheInsiderStories) – Good morning! Today, board of governors of Bank Indonesia (BI) will announces the monetary policy for this month. Last April, the central bank hold the BI-seven days repo rate at 4.50 percent and relaxed the reserves requirement.

On Monday, chairman of the COVID-19 Handling Task Force, Doni Monardo said, in the next one or two weeks there was no policy to reduce large-scale social restrictions in the country. But he admitted that the government in the process to prepares “new normal” life in Indonesia. 

Indonesian car maker association reported the national car sales dropped 90.60 percent to 7.871 units in April compared to the same month in 2019 84,056 due to weak demand. The organization even predicts that sales in the May will drop even more than April.

From United States (US), chairman of Federal Reserves Jerome Powell give a hinted that the world largest economy will recover in the second half of theis year with assuming there is no second wave of COVID-19 outbreaks. But, he considered a full recovery of the economy is only possible if there is already a vaccine.

As reported, many states in the US began to open some of the economic activities of society. This triggered a recovery in world crude oil prices, which also helped market players to enter the market. The price of West Texas Intermediate oil futures jumped 2.8 percent to US$32.23 a barrel after in April, oil prices had dropped to minus.

In Asia, China slapped anti-dumping duties on Australian barley for five years as diplomatic tensions escalate between the two countries. The ministry of commerce announced, the Australia’ biggest customer for the grain will impose an anti-dumping duty of 73.6 percent and an anti-subsidy duty of 6.9 percent starting May 19.

China is the biggest buyer of Australian agriculture, forestry and fisheries products, with shipments of A$16 billion (US$10.45 billion) during 2018 – 2019. Meat imports from four Australian processing plants have also been suspended.

On Tuesday morning, media in Iraq reported a rocket attack to US embassy in  Baghdad. It said, three rockets landed near the embassy. Dozens of rockets have been fired by Kataib Hezbollah against US forces in Iraq in the recent months.

Yesterday, Indonesian Rupiah strengthened 0.07 percent to 14,850 per US dollar and the Jakarta Composite Index also strengthened 0.077 percent to 4,511,058 compared to the previous day. Today the local currency its expecting to move in the range and the stock index between 4,300- 4,800.

Stocks to be watch for today are, PT Pakuwon Jati Tbk (IDX: PWON), PT Telkom Indonesia Tbk (IDX: TLKM), PT Gudang Garam Tbk (IDX: GGRM), PT Astra International Tbk (IDX: ASII), PT Semen Indonesia Tbk (IDX: SMGR), PT HM Sampoerna Tbk (IDX: HMSP), PT XL Axiata Tbk (IDX: EXCL), PT Astra Agro Lestari Tbk (IDX: AALI), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT AKR Corporindo Tbk (IDX: AKRA), PT Barito Pacific Timber Tbk (IDX: BRPT), and PT Ace Hardware Tbk (IDX: ACES).

US$1: A$1.53

May you have a profitable day!

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