Governor of Jakarta, Anies Baswedan, extends the full large-scale social restriction until Oct. 11 - Photo by Governor Office

JAKARTA (TheInsiderStories) – Good Morning! Governor of Jakarta, Anies Baswedan, extends the full large-scale social restriction until Oct. 11. The task force to handle the pandemic reported total confirmed cases reached 262,022 in total and a death toll of 10,105 and became Asia’ second highest after India.

The peak comes after the task force reported over 4,000 new cases a day on Thursday. The daily positive cases raised to 4,634 and became the highest so far. The capital city is seeing infections rise sharply.

In Asia, China offers vaccines to testing countries to boost the diplomatic ties. Sinovac Biotech said that countries running its final-stage clinical trials like Brazil, Indonesia and Turkey will get its coronavirus shots at the same time as China, underscoring how vaccine supply agreements could cement diplomatic ties in the COVID-19 era.

While, Malaysian Ringgit fell as investors worried on the political uncertainty following opposition leader, Anwar Ibrahim, claimed that he had a majority to oust Muhyiddin Yassin regime. The power struggle in the country and possibility of an early election raised fears of a delay to any further stimulus package to bolster the economy. Yassin was unveiled an additional economic stimulus package worth RM10 billion (US$2.40 billion) on Wednesday.

The neighbors, Thailand‘ parliament delayed making a decision on whether to change the constitution as demanded by anti-government protesters who have been demonstrating almost daily for more than two months. The decision angered opposition lawmakers and protesters.

Thailand’ Baht was also weaker for a fourth day after an uneventful central bank meeting where rates were held steady and no stimulus was announced for a country in dire need for fiscal support. Bank of Thailand slightly upgraded its 2020 gross domestic product target.

From South Korea, the central bank reported the consumer confidence of the country slipped for the first time in five months as a jump in virus cases and tighter social restrictions. The consumer sentiment index fell to 79.4 in September from 88.2 the previous month.

South Korea’ economy showed signs of recovery at the start of the quarter, but the early momentum lost steam as daily virus case counts soared to hundreds in August. The government has avoided imposing an economy-wide lockdown and instead opted for targeted restrictions.

On Thursday, Indonesian Rupiah closed down 0.77 percent to 14,949 per US Dollar and Jakarta Composite Index (JCI) dropped 1.53 percent to 4,842.76 compared to previous day. Analysts assess that transactions on the Indonesian financial market will still overshadowed by worries about a recession as well as the high daily COVID-19 cases.

Another cause is the weakening of the capital market in the United States which then spreads to Asian bourses, especially uncertainty about the stimulus and the presidential election. Domestically, the depreciation has attracted exporters to sell US Dollars.

For today, they sees that the Rupiah will weaken again towards the resistance range of 14,950 and the support level is in the range of 14,800 per US dollar. While, the JCI now test the support level at 4,800. Be alert that selling pressure still has the potential to strengthen with a solid downtrend line.

Stocks to be watch for today are PT Sarana Menara Nusantara Tbk (IDX: TOWR), PT Kalbe Farma Tbk (IDX: KLBF), PT Bank Central Asia Tbk (IDX: BBCA), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Bank Negara Indonesia Tbk (IDX: BBNI), PT HM Sampoerna Tbk (IDX: HMSP), PT Jasa Marga Tbk (IDX: JSMR), PT Kalbe Farma Tbk (IDX: KBLF),  and PT Telkom Indonesia Tbk (IDX: TLKM).

US$1: RM4.17

May you have a profitable Day!

Written by Linda Silaen, Please Read Our News to Get More information about Indonesia