JAKARTA (TheInsiderStories) – Good Morning! Indonesia extend the micro-scale community restriction starting today until March 22 and expand its application to East Kalimantan, South Sulawesi and North Sumatra provinces. The central government admits until March 7, it showed a positive results on the active cases, which decreased by 1.58 percent, the cure rate rose by 1.57 percent, and the death rate remained at 2.70 percent.
On Monday, Indonesia received 1.11 million doses of the AstraZeneca vaccine as part of the first shipment of the vaccines initiated by COVAX, the global initiative co-led by vaccine alliance GAVI, the World Health Organization (WHO), and the Coalition for Epidemic Preparedness Innovations.
The country will receive a total of 11.7 million shots in the first batch and will continue to arrive until May. According to WHO’ representative in Indonesia, N Paranietharan, the arrival of vaccines from COVAX will add to and further strengthen the national vaccination program in one of the very few developing countries that have started vaccinations. COVAX has set an ambitious goal to deliver up to 2 billion doses of COVID-19 vaccines.
In Asia, health minister of Thailand, Anutin Charnvirankul, said the country will reduce its mandatory quarantine from 14 to seven days for foreigners w ho have been vaccinated against the virus. The Centre for COVID-19 Situation Administration of Thailand announced 71 additional cases positive bringing the total 26,441 cases of infection. Of the total, 25,777 patients have fully recovered, 579 are hospitalized, and fatalities was 85.
In the Philippines, the health ministry reported 3,346 new infection cases, bringing the total to 597,763. The number of deaths has amounted to 12,521. The Southeast Asian nation with a population of 1.2 million has documented 122 cases of COVID-19, most of which were imported.
From the United States (US), treasury secretary, Janet Yellen, said that President Joe Biden’ aid package would provide enough resources to fuel a “very strong” the economic recovery, and noted “there are tools” to deal with inflation. The bill returns to the House of Representatives on Monday and may be voted through in its amended form today, according to various reports.
The bill is expected to pass its second vote in the House and be signed into law later this week. The investors remain conflicted whether the stimulus will help global growth rebound faster or the world’ biggest economy to overheat and lead to runaway inflation. While, US economic data also pointed to a continued recovery, as the commerce department announced the wholesale inventories increased solidly in January despite a surge in sales.
Yesterday, Indonesian Rupiah closed down 0.42 percent at 14,360 versus the US dollar and the Jakarta Composite Index fell 0.16 percent to 6,248.46 compared to the previous day. Year to date, the local currency has weakened 2.21 percent.
The analysts rated that the decline in both was driven by expectations of an increase in US inflation in the short term in line with expectations of a faster-than-expected economic recovery, as indicated by the downward trend in the unemployment rate, an inflation trend measured based on changes in personal consumption which tended to increase.
Optimism for the US economic recovery is also supported by the fiscal stimulus announced last Saturday and the development of vaccinations in the country, which are considered to be encouraging expectations for economic growth in 2021 to be higher than initial estimates.
Meanwhile, Bank Indonesia is considered to remain in the market to take stabilization steps through triple intervention in the spot and foreign exchange derivatives market as well as the government bond market. The combination of falling indexes on Wall Street, falling commodities, weakening of exchange rate, and rising bond yields in both the US and Indonesia will make it difficult for both of them to strengthen and have the opportunity to be hit by selling pressure again on Tuesday, they adds.
Therefore, the Rupiah is expected to be in the range of 14,300 – 14,475 per US Dollar and the JCI is between 6,200 – 6,375. Stocks that can be watched today are PT Astra Agro Lestari Tbk (IDX: AALI), PT Jasa Marga Tbk (IDX: JSMR), PT Indofood Sukses Makmur Tbk (IDX: INDF), PT Astra International Tbk (IDX: ASII), PT London Sumatra Indonesia (IDX: LSIP), PT Telkom Indonesia Tbk (IDX: TLKM), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), and PT Bank Central Asia Tbk (IDX: BBCA).
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team. Please Read Our News to Get More information about Indonesia