JAKARTA (TheInsiderStories) – Good Morning! United States (US) Federal Reserve (Fed) will hold a monthly meeting to determine the benchmark rate starting today and will make a decision tomorrow. Some analysts rated, the central bank have a possibility to hold the Fed Fund Rate at 0 – 0.25 percent.
The Fed meet after labor data showed a faltering job recovery. While, US government continues to discuss the new stimulus package by prepared a package worth of US$1 trillion.
In Asia, India and Indonesia will usher into an expansion of defense industries and technology and to the deepening of maritime security. The agreement reached in the meeting of defense minister of Indonesia, Prabowo Subianto, and defense minister of India, Rajnath Singh, on Monday.
In the country, President Joko Widodo will lead a limited meeting related to the draft posture for the State Budget of 2021. The budget its estimating still focus on the COVID-19 response and how to recover the Southeast Asia largest economy.
On Monday, the task force reported positive cases in Indonesia touched 100,303 and 4,838 deaths after announced the “new normal” policy last month. The country of nearly 270 million is among the worst hit in Asia by the pandemic, with cases in all of its 34 provinces.
While, the government continues to get vaccines, and the medicine candidates from China have arrived in Indonesia. The third phase of clinical trials was carried out state-owned drug maker, PT Bio Farma. If it goes as expected, the company will produce the vaccine with a capacity of 100 million doses per year.
Yesterday, Indonesian Rupiah closed up 0.51 percent to 14,535 per US Dollar. And, the Jakarta Composite Index (JCI) closed at 5,116.66 level after rising 0.66 percent compared to last week.
The strengthening is supported by the government’ move to spur economic recovery while handling the pandemic. For today, the analysts looks the investors will be focused on the agenda of the meeting of the Federal Open Market Committee.
Then, President Donald Trump administration will announced the second quarter of 2020 report on the gross domestic product. The data is expected to appear on Thursday and followed by the Chinese PMI data on Friday.
Based on the various information, the Rupiah its expecting move in the range 14,500-14,700 versus the American Dollar and the JCI between 4,821 – 5,188. The recommended stocks are PT Bank Mandiri Tbk (IDX: BMRI), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), and PT Merdeka Copper Tbk (IDX: MDKA).
Other stocks are PT Bank Central Asia Tbk (IDX: BBCA), PT United Tractors Tbk (IDX: UNTR), PT Bank Negara Indonesia Tbk (IDX: BBNI), PT Waskita Karya Tbk (IDX: WSKT), PT Bank Central Asia Tbk (IDX: BBCA), PT AKR Corporindo Tbk (IDX: AKRA), PT Aneka Tambang Tbk (IDX: ANTM), and PT Gudang Garam Tbk (IDX: GGRM).
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team. Please Read Our News to Get More information about Indonesia