North Korea will sever hotlines with South Korea after accused his neighboring country sending leaflets and other material into the north - Photo: Special

JAKARTA (TheInsiderStories) – Good Morning! North Korea will sever hotlines with South Korea after accused his neighboring country sending leaflets and other material into the north. As the first step toward shutting down all means of contact with Seoul.

For several days, North Korea has lashed out at South Korea, threatening to close an inter-Korean liaison office and other projects if the South does not stop defectors from sending leaflets and other material into the North. The official pronouncements appeared to be a setback for a thaw in tensions in the past two years. The two Koreas remain technically at war because the 1950-1953 Korean War ended with an armistice rather than a peace treaty.

From United States (US), global media reported, President Donald Trump plans to sign legislation calling for sanctions on Chinese officials responsible for oppressing Uighur Muslims. The bill, which passed the House and the Senate last month, calls for sanctions against those responsible for repression of Uighurs and other Muslim groups in China’ Xinjiang province.

The United Nations estimates more than a million Muslims have been detained in camps. The bill’ progress comes amid growing tensions between Washington and Beijing over the COVID-19 pandemic’ origins and a recent Chinese bid to curb Hong Kong freedoms via a new national security law.

The World Health Organization rated the COVID-19 pandemic become worse and said more than 136,000 cases were reported worldwide on Sunday, “the most in a single day so far”. Almost 75 percent of grim record came from 10 countries, mostly in the Americas and South Asia.

The virus has now killed more than 400,000 people and infected at least seven million since it emerged in China in late December. In Indonesia, the unprecedented  daily spike in COVID-19 cases as “new normal” commenced on Monday. The task force reported the positive cases jumped to 32,033 with high additional new cases 847 and death toll 1,883.

While, the energy and mineral resources ministry rejected Indonesian coal miners’ request to relax coal royalty payments amid the epidemic caused would “disrupt government cash flows”. The mining sector is a major contributor to non-tax state revenue for the world’ top coal exporting country, contributed Rp45.59 trillion (US$3.26 billion) to the total non-tax state revenues of Rp405 trillion last year.

From the commodity market, West Texas Intermediate crude oil futures contract for July 2020 delivery rose 1.3 percent  to $38.69 a barrel. Similarly, the price of Brent August crude futures jumped 1.4 percent to $41.36 per barrel.

Fresh air for oil prices came back after New York City, which was most badly hit by the virus outbreak, reopened on Monday after about three months of lockdown. With a sign that life is returning to pre-epidemic routines, this is expected to spur fuel demand to return.

On Monday, Indonesian Rupiah weakened 0.05 percent to 13,885 per US dollar and the Jakarta Composite Index rose 2.48 percent to 5,070.78 compared to last week. Today, both instruments is predicted to strengthen again. The combination of positive sentiment from external and internal factors supports their movements today.

The main driver still comes from investor optimism about the global economic recovery. This is seen after US unemployment rate data in May surprisingly dropped to 13.3 percent.

Within the country, positive sentiment came after foreign exchange reserves in May rose to $130.5 billion. The flow of foreign funds has also been seen entering the financial markets, both in the stock market and the bond market.

Today, the analysts rated the stock index move in the range 4.975 to 5,172 and the local currency between 13,965 – 13,900. The stocks to be watch are PT Bank Central Asia Tbk (IDX: BBCA), PT London Sumatera Plantation Tbk (IDX: LSIP), PT Vale Indonesia Tbk (IDX: INCO), PT Bank Negara Indonesia Tbk (IDX: BBNI).

Then, PT Alam Sutra Realty Tbk (IDX: ASRI) dan PT Summarecon Agung Tbk (IDX: SMRA), PT Jasa Marga Tbk (IDX: JSMR), PT Semen Indonesia Tbk (IDX: SMGR), PT Wijaya Karya Beton Tbk (IDX: WTON), and PT Astra Agro Lestari Tbk (IDX: AALI).

US$1: Rp14,000

May you have a profitable Day!

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