Indonesia pushes to re-open the economy to curb mounting job looses but the data not support the plans - Photo by BNPB Office

JAKARTA (TheInsiderStories) – Good Morning! Indonesia pushes to re-open the economy to curb mounting job looses but the data not support the plans. The task force to handle the epidemic reported the number positive cases in the country added 467 to 26,940 and the death tolls recorded 1,641.

On the Middle East tension, Indonesia has warned that Israeli regime’ planned annexation of the occupied West Bank is a “clear violation of international law” that threatens regional peace and stability. Foreign minister, Retno Marsudi voiced, the the annexation will not only threaten peace and stability in the region but also undermine all efforts to achieve a two-state solution.

Malaysia’ ministry of foreign affairs echoed Indonesian voiced and urged the international community, in particular the United Nation Security Council, not to remain “indifferent and silent over plan and “to fulfill without delay its Charter responsibility towards the Palestinians.”

From Australia, the federal court will rule on whether the former government’ decision to ban the live cattle trade to Indonesia was illegal. Farmers and businesses affected by the move are seeking A$600-million (US$408.16 million) in compensation.

On Friday, Indonesian Rupiah strengthened 0.71 percent to the level of 14,610 a US dollar and the Jakarta Composite Index (JCI) closed at 4,753.61 with a gain of 0.79 percent. The analysts rated, the global sentiment will affecting the financial market for today is the attitude of United States (US) President Donald Trump to revoke the special status of Hong Kong trade that was previously granted by his country.

He also said that he was ready to take action to audit Chinese companies and other foreign companies listed on the American stock exchange to comply with regulations. While, Chinese government officials ordered large agricultural companies to stop purchasing some agricultural goods from America including soybeans.

From Asia, the decline in performance from Japanese manufacturing for April to its lowest point since 2011. In Europe, the organization prepared recovery fund plan of EUR750 billion ($833.33 million), easing social restrictions in various countries and there are no signs of a second wave of COVID-19 being a positive sentiment to the market.

They said, the development of research to find the vaccine will also always be a concern of the investors. In addition, the new normal plan in the country to eases the large scale social restrictions will become a positive sentiment for the Indonesian stock market.

For today the observes estimates the Rupiah will move in the range 14,480 to 14,520 versus US Dollar and the JCI between 4,685 – 4,820. Quoting Bank Indonesia governor’ statement, the local currency could return to the level before the COVID-19 pandemic in the range of 13,600 – 14,000 over the Greenback.

Some interesting stocks to watch for today are PT Indika Energy Tbk (IDX: INDY), PT Telkom Indonesia Tbk (IDX: TLKM), PT Bukit Asam Tbk (IDX: PTB), PT Vale Indonesia Tbk (IDX: INCO), PT London Sumatra Plantation Tbk (IDX: LSIP), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Surya Citra Media Tbk (IDX: SCMA), PT Astra International Tbk (IDX: ASII), PT Semen Indonesia Tbk (IDX: SMGR).

May you have a profitable Day!

US$1: A$1.47, EUR0.90

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