The COVID-19 outbreak could become the biggest issue for discussion at a weekend gathering of finance leaders from the Group of 20 major economies - Photo by G20 Secretariat

JAKARTA (TheInsiderStories) – Good Morning! The COVID-19 outbreak could become the biggest issue for discussion at a weekend gathering of finance leaders from the Group of 20 major economies. The governors and finance ministries has scheduled to meet in in Riyadh, Saudi Arabia, on Feb. 22 – 23.

In Asia, Bank of Japan’ governor, Haruhiko Kuroda said, the central bank will stand ready to take additional steps if necessary on the virus effects. The Bank now also under pressure to maintain its massive monetary stimulus to support a fragile economy saddled with weak growth and prices.

In January, Japan‘ core consumer price index, which includes oil products but excludes volatile fresh food prices, rose 0.8 percent compared to last year. That followed a 0.7 percent gain in December.

In Indonesia, President Joko Widodo in Riau province now. He has agenda to launchs mini textile plant owned by PT Asia Pacific Rayon and nursery center belong to PT Riau Andalan Pulp and Paper. Then he will fly to Aceh to monitor the progress of Banda Aceh – Sigli toll road.

Today, the ministry of health and Chinese ambassador to ASEAN, Deng Xijunwill, will hold a press briefing on the latest COVID-19 development.  While, the coordinating minister for maritime and investment affairs, Luhut Pandjaitan held a coordination meeting on the Jakarta – Bandung fast train project.

On Thursday, European markets slammed into the red zone and dropped almost 1 percent from a previous day. The movement of the Stoxx Europe 600 index closed down 0.86 percent at 430.19, the French CAC 40 fell 0.80 percent, the German DAX index slipped 0.9 percent, and the British FTSE 100 index fell 0.27 percent.

The European stock markets weakened following disappointing earnings issuers’ performance and investors analyzed the potential effects of the spread of COVID-19 outside China on corporate and global growth. Although the number of new corona virus cases in China continues to fall, Japan reports two deaths and cases of infection in South Korea soaring.

Yesterday, Indonesian Rupiah closed down 55 points or 0.40 percent at the level of 13,750 a US Dollar, depreciating the third day in a row, amid weakening Asian currencies. But, the Jakarta Composite Index closed up 0.2 percent to 5,942 levels.

For today, the analysts assessed, the main factor on the market still influences by sentiment from China. Based on the various data, they rated the local currency and stock index has potential to test the psychological level.

The Rupiah its expecting move in the range and the JCI between 5,900 – 6,030. They recommended PT Adaro Indonesia Tbk (IDX: ADRO), PT AKR Corporindo Tbk (IDX: AKRA), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Vale Indonesia Tbk (IDX: INCO), PT Medco Energy Tbk (IDX: MEDC), PT Perusahaan gas Negara Tbk (IDX: PGAS), PT Telkom Indonesia Tbk (IDX: TLKM), and PT Unilever Indonesia Tbk (IDX: UNVR) to be watch for today.

May you have a profitable day!

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