JAKARTA (TheInsiderStories) – Good Morning! Indonesian government is reviewing the efforts needed after the COVID-19 pandemic subsided, said the secretary of the coordinating ministry for the Economy, Susiwijono. In a seminar coordinating minister for the Economy, Airlangga Hartarto, the government plans to loosen the large-scale social distancing starting June.
On Thursday, COVID-19 taskforce spokesperson, Achmad Yurianto reported, total positive cases rise to 12,776 or there are an additional 338 compared to previous day. Total fatalities jumped to 930 from earlier 895 and recovered 2,381. He adds, people under observation are 243,455.
In Asia, Jibun Bank Japan Services Purchasing Managers’ Index plummeted to 21.5 in April from 33.8 in the previous month, marked the lowest reading since September 2007. The composite PMI index also fell to 25.8 in April from March at 36.2, marking the lowest on record also.
Japan’ household spending slumped 6.0 percent in March from a year earlier at the fastest pace in five years, as the virus outbreak kept shoppers at home. The survey showed business expectations fell at their quickest pace since January 2009, with uncertainty over the timing of an economic recovery clouding the outlook.
Today, two exchanges, India International Exchange Ltd. and NSE IFSC Ltd., will begin trading foreign-exchange settled Rupee derivatives to bring the market back home. According to the Bank for International Settlements, the average daily volume for the Rupee in London totaled US$47 billion, a fivefold jump from 2016.
In Latin America, Argentina had exchanged treasury bonds in local currency for new instruments worth of 118.36 billion Pesos ($1.76 billion) on the eve of a deadline for creditors to accept a massive debt restructuring offer, said the Economy Ministry. It swapped the treasury bonds for inflation-adjustable securities maturing in 2022, 2023 and 2024. Today, it the deadline for private bondholders to agree to the restructuring proposal related to $65 billon in foreign debt.
On Wednesday, Indonesian Rupiah rose 0.56 percent to 14,995 a US Dollar and the Jakarta Composite Index corrected 0.46 percent to 4,508.79 compared to previous day. For today, the analyst still optimistic that the local currency still have room to rise.
The recovery in oil prices will encourage investors to glance back at risky assets. However, the United States (US) – China relations its likely to make Rupiah movements limited. From domestic side, the analyst assessed that the first quarter 2020 economic growth data become a concerns it will continue in the second quarter of this year and the positive COVID-19 case still high.
Based on the various development, they estimated, the exchange rate will move in the range 14,800 – 15,150 against the Greenback and the stock index between 4,500 – 4,700 compared to last Wednesday.
The stocks to be watch for today are PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Bank Mandiri Tbk (IDX: BMRI), PT Telkom Indonesia Tbk (IDX: TLKM), PT Unilever Indonesia Tbk (IDX: UNVR), PT Indofood Sukses Makmur Tbk (IDX: INDF), PT Astra International Tbk (IDX: ASII), and PT Indofood CBP Sukses Makmur Tbk (IDX: ICBP).
US$1: 67.03 Pesos
May you have a profitable Day!
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia