JAKARTA (TheInsiderStories) – Good Morning! Today, investors’ attention will be on the Jackson Hole Symposium, where the governor of the Federal Reserves, Jerome Powell, will make a speech regarding the monetary policy framework and to keep the fragile economic recovery at bay.
Market also responded positively the moves of United States (US) and Chinese trade officials on their commitment to a Phase 1 trade deal, easing concerns about a diplomatic deadlock between the world’ two largest economies.
The investors also continue to monitor the news regarding the progress of vaccine development for the coronavirus. While, the governments and central banks in these countries continue to support the recovery of the world economy through various policies.
Then, the Argentine government requested a new fund arrangement from International Monetary Funds. The managing director, Kristalina Georgieva, has spoke with Argentina President, Alberto Fernández on Wednesday and said her agency ready to play role to support the country in these challenging times.
In the country, market are focused on the statement of the governor of Jakarta, regarding the large-scale social distancing transition period which ends on August 27. The decision is very important because the third quarter of 2020 has only one month left, which is currently under pressure due to declining public consumption.
Yesterday, Anies Baswedan announced that the capital city has plans to reopen cinemas and will prepare a complete regulation to run it. Commenting on the plans, tourism and creative economy minister, Wishnutama Kusubandio, said the reopening of cinemas could revive the creative economy sector, which had been slumped by the pandemic.
Based on data from his ministry, the number of cinema viewers has almost fivefold increased to 52.5 million people and the number of cinemas in Indonesia reached 312 with screens reaching 1,681 during 2018. This has a direct impact on the increasing contribution of the film industry by 6.09 percent to the gross domestic product.
With minimal economic data, on Wednesday, Indonesian Rupiah weakened 0.20 percent to 14,768 per US Dollar but the Jakarta Composite Index (JCI) gained 0.03 percent to 5,340.33 from the previous day.
The analysts said, despite the lack of economic data, the American Dollar in recent days has tended to strengthen. Today, they rated, the local currency its expecting to move between 14,625 to 14,800 against the Greenback and the JCI between 5340 – 5,400.
Stocks to be watch are PT BRI Syariah Tbk (IDX: BRIS), PT Vale Indonesia Tbk (IDX: INCO), PT Astra Agro Lestari Tbk (IDX: AALI), PT Telkom Indonesia Tbk (IDX: TLKM), PT London Sumatera Plantation Tbk (IDX: LSIP), PT Semen Indonesia Tbk (IDX: SMGR), PT Mayora Indah Tbk (IDX: MYOR), PT Bank Negara Indonesia Tbk (IDX: BBNI), 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 News to Get More information about Indonesia