JAKARTA (TheInsiderStories) - Good Morning! The maritime security has seized two crude oil supertankers with Iranian-flagged MT Horse and Panamanian-flagged MT Freya ships for allegedly transferring fuel in Indonesia. Iranian foreign ministry has asked Indonesian authorities to provide details about the detained.
In addition, the government is reportedly looking to Mexico as an alternate source of live cattle, after Jakarta meat sellers go on strike. They protest caused their inability to lift prices higher than the government-mandated limit.
While, finance ministry officially started the initial offering of retail bonds (ORI019) in this year since Jan. 25 until Feb. 18, with an indicative target of Rp10 trillion (US$714.28 million). These bonds have an annual yield of 5.57 percent.
Then, governor of Bank Indonesia (BI), Perry Warjiyo, gave a sign that higher inflation might be seen in the fourth quarter but the central bank would not immediately raise interest rates in response. He said, the exit policy from monetary stimulus would probably start with the mopping up excess liquidity, while interest rates would stay low until policymakers deemed there was a risk of high inflation.
Last year, BI has cut the seven days reverse repo rate around 125 basis points and pumped more than $50 billion of liquidity into the financial system to help the economy from the impact of the COVID-19. The Bank also has bought Rp25.9 trillion of state bonds to help the economic recovery program.
From United States (US), the Senate confirmed Janet Yellen as the next treasury secretary and the Federal Reserve start the first meeting under Joe Biden administration, which has floated a $1.9 trillion coronavirus relief package. The policymakers has pledged to back the economy in any way it can and will announces the latest rate decision on Wednesday.
The world largest economy also has an agenda to releases consumer confidence index on Tuesday. In Europe, Italian Prime Minister, Giuseppe Conte, will send his resignation to the President Sergio Mattarella today. The leader, who has been in office since June 2018, hopes the head of state will give him a mandate to form a new government with broader backing in parliament.
Yesterday, Indonesian Rupiah strengthened 0.09 percent to 14,022 per US Dollar and the Jakarta Composite Index (JCI) was corrected by 0.77 percent to 6,258.57 compared to the prior day. The analysts assessed the increasing tensions between the US and China after the sending a warships to the South China Sea became a negative sentiments in the market.
In the country, the strengthening of Rupiah was driven by BI’ policy on the benchmark rate. With this information, today the Rupiah is projected to move in the range of 14,050 - 14,100 and JCI between 6,121 - 6,325.
The stocks that can be watched for today are PT Bank Central Asia Tbk (IDX: BBCA), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Aneka Tambang Tbk (IDX: ANTM), PT AKR Corporindo Tbk (IDX: AKRA), PT Ace Hardware Tbk (IDX: ACES), PT Charoen Phokpand Indonesia Tbk (IDX: CPIN), and PT Pakuwon Jati Tbk (IDX: PWON).
May you have a profitable Day!
Written by Linda Silaen, Please Read Our News to Get More information about Indonesia
