JAKARTA (TheInsiderStories) – Good Morning! Bank Indonesia (BI) will reported the foreign exchange reserves position in November today. In the previous month, the reserves stood at US$126.7 billion or rose 1.93 percent from the position at the end of September 2019 at $124.3 billion.
While, agriculture minister, Syahrul Yasin Limpo aimed to export 500,000 tons of premium rice starting 2020. During January to November, statistic bureau reported, the country has exported around 200 tons of rice.
On Friday, President Joko Widodo will inaugurate new petrochemical plant facilities in Cilegon, Banten owned by PT Chandra Asri Petrochemical Tbk (IDX: TPIA). Currently, the manufacturer develop two factories and expect complete the construction in the third quarter of 2020. The new factories are Methyl-butyl ether and Butene-1 which were built with an investment of $130.5 million.
The methyl-butyl ether plant has a capacity of 127,000 tons per year. While the Butene-1 plant will have a capacity of 43,000 tons per year. These new factories will absorb Raffinate-1 to be used as raw material.
From global, Organization of the Petroleum Exporting Countries gathered in Vienna to attend JMCC meeting and conference. The organization estimating total primary energy demand is set to robust by 25 percent between 2018 and 2040.
While, Oil demand is forecast to reach 110.6 million barrels per day (mb/d) and non-OECD drives oil demand with growth of 21.4 mb/d by 2040 compared to 2018, whereas the OECD region is expected to contract by 9.6 mb/d.
In United States (US), house speaker Nancy Pelosi has instructing her deputies to move forward with drafting articles of impeachment against President Donald Trump. Immediately he blame her and said “The Do Nothing, Radical Left Democrats have just announced that they are going to seek to Impeach me over NOTHING. They already gave up on the ridiculous Mueller “stuff,” so now they hang their hats on two totally appropriate (perfect) phone calls with the Ukrainian President.”
At the same day, imports of Chinese goods fell in October as the US imposed new tariffs on consumer goods, and the overall trade deficit narrowed on a drop in imports and exports. The foreign-trade gap in goods and services contracted 7.6 percent from the prior month to a seasonally adjusted $47.20 billion from $51.1 billion. Exports dipped a smaller 0.2 percent to $207.1 billion.
While, imports of Chinese goods shrank to $35.3 billion. Auto imports also fell, hurt in part by a month-long General Motors. The decline in imports largely reflects a recent up-and-down pattern depending on the timing of new US tariffs on China.
In Asia, India’ central bank left its lending rate unchanged to curve the inflation. The Reserve Bank of India has lowered the lending rate 5.15 percent, five times this year.
On Thursday, Indonesian Rupiah edge up 0.26 percent to 14,068 and the middle rate of BI strengthened 0.22 percent to 14,094 compared to US Dollar. While, the Jakarta Composite Index (JCI) closed up 0.64 percent to 6,152.12 from the previous day.
The analysts rated, the strengthening of major instrument was dominated by external sentiment, such as trade war, OPEC meeting, and various economic data around the globe also because of window dressing. It said, the positive sentiment come from trade war between US and China.
Today, the Rupiah is estimating will strengthen in the range 14,040 to 14,100 a US dollar. And the stock index between 6,115 and 6,185 level.
The stocks to be watch for today are PT Telkom Indonesia Tbk (IDX: TLKM), PT Astra International Tbk (IDX: ASII), PT Adaro Indonesia Tbk (IDX: ADRO), PT Chandra Asri Petrochemical Tbk (IDX: TPIA), PT Semen Indonesia Tbk (IDX: SMGR), PT Wijaya Karya Tbk (IDX: WIKA), PT HM Sampoerna Tbk (IDX: HMSP), PT XL Axiata Tbk (IDX: EXCL), PT Jasa Marga Tbk (IDX: JSMR), PT Bank Negara Indonesia Tbk (IDX: BBNI), PT Indofood CBP Sukses Makmur Tbk (IDX: ICBP), and PT Bank Rakyat Indonesia Tbk (IDX: BBRI).
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia