India Prime Minister Narendra Modi announced a US$1 billion credit line for the development of Far East region of Russia after met Russian President Vladimir Putin on Sept. 4 - Photo by Prime Minister Office

JAKARTA (TheInsiderStories) – Good Morning! India Prime Minister Narendra Modi announced a US$1 billion credit line for the development of Far East region of Russia after met Russian President Vladimir Putin on Sept. 4. The Sides expressed satisfaction with the stable mutual growth of trade turnover.

To bring it to $30 billion by 2025, they agreed to more actively engage the impressive resource and human resources potential of India and Russia, enhance industrial cooperation, create new technological and investment partnership, especially in advanced high-tech areas and find new avenues and forms of cooperation.

On Thursday, United States (US) and China agreed to hold high-level trade talks in early October in Washington. The talks were agreed in a phone call between Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. China’ central bank governor Yi Gang was also on the call.

Reading the development, global stocks set another sea of green, with the S&P jumping 26 point and now just 2 percent below its all time highs. All Asian market also rebounded after suffered for several days amid the tension heat of the two largest economy in the world.

From the country, today Bank Indonesia will announce the position of foreign exchange (forex) reserves in August. Last month Indonesia’ forex reserves recorded $125.9 billion.

Legal and human rights minister Yasonna Laoly has responded to United Nations high commissioner for human rights Michelle Bachelet’ call for dialogue between the Indonesian government and Papua and West Papua people.

He asserted that the government is still prioritizing to hold a dialogue in dealing with the conflict in Papua and West Papua. He also said coordinating minister of politics, legal, and security affairs Wiranto has the authority to deliver statements regarding Papua.

Furthermore, trade ministry targeted to completed negotiations on Regional Comprehensive Economic Partnership, Indonesia-Korea Comprehensive Economic Partnership Agreement, and Indonesia-Taiwan Economic Cooperation Framework Agreement by end of 2019. According to the minister Enggartiasto Lukita that the trade agreements were aimed to driving exports.

While, director general of tax for ministry of finance Robert Pakpahan stated, a planned Indonesian corporate tax cut would cost the government of President Joko Widodo up to Rp87 trillion (US$56.34 billion) in lost revenue in a fiscal year. As known, the Head of State has proposed lowering the corporate tax rate to 20 percent from 25 percent, starting 2021.

Yesterday, Indonesian Rupiah still in negative zone, dropped 0.04 percent to 14,145 against the US Dollar in comparison the Jakarta Composite Index closed up 0.59 percent to 6,306.8 from prior day.

Seven of the nine sectors ended in the green zone, led by various industries (+2.58 percent) and mining (+1.30 percent). The agriculture and consumer goods sectors respectively fell 0.56 percent and 0.02 percent. Of the 651 shares traded on the Indonesia Stock Exchange, 219 shares gained, 186 shares weakened, and 246 shares stagnated.

Today, the positive sentiment from the global market its expecting will drive the two major instrument to positive territory. The composite index its expecting move in the range 6,187 – 6,372.

The stocks are recommended by analysts namely PT Astra International Tbk (IDX: ASII), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Kokoh Inti Arebama Tbk (IDX: COIN), PT Indonesia Prima Property Tbk (IDX: OMRE), PT Timah Tbk (IDX: TINS ), PT Kalbe Farma Tbk (IDX: KLBF), PT Nippon Indosari Corporindo Tbk (IDX: ROTI), PT Mayora Indah Tbk (IDX: MYOR), PT Telkom Indonesia Tbk (IDX: TLKM), and PT XL Axiata Tbk (IDX: EXCL).

May you have a profitable day!

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