JAKARTA (TheInsiderStories) - Good Morning! Starting today, board governors of Bank Indonesia (BI) start the two-days meeting before make it decision on Thursday. Last month, the central bank kept its benchmark rate at 4 percent to stabilize the Rupiah movement.
Then, Indonesian government will use vaccine candidates from Sinovac and COVAC to tackle the COVID-19 disease. The country needs is 73.96 million doses of vaccine for 32.15 million people. Reportedly, around 58 million doses of Sinovac vaccine and 16 million doses of COVAC production will be used in the program.
In United States (US), the commerce department reported that retail sales rose 0.3 percent in October and the retail sales control group also climbed 0.1 percent. While, against the sluggish economic backdrop, chairman of Federal Reserve, Jerome Powell, said monetary and fiscal stimulus would be needed to support the economic recovery and still has a “long way to go”.
In the commodity market, American Petroleum Institute announced US’ crude inventories rose by 4.2 million barrels last week, after build of 5.1 million barrels in the previous week. On Tuesday, West Texas Index jumped 0.44 percent to US$41.52 per barrel and Brent Crude Oil rose 0.59 percent to $44.08 a barrel.
Yesterday, Indonesian Rupiah strengthened 0.39 percent to 14,055 versus the US dollar and the Jakarta Composite Index (JCI) strengthened 0.64 percent to a level of 5,529.64 compared to the previous day. Analysts agree that Moderna’s report on the development of the COVID-19 vaccine is a pillar of Indonesia’s financial market.
In addition, BI’ projection of positive economic growth in fourth quarter also provided a positive sentiment to the market. Today, they said, the market will await the results of the BI governor board meeting.
With such information, today the Rupiah is estimated to move in the range of 13,950 - 14,100 per US dollar and JCI 5,500 - 5,550. Stocks to be watch for today are PT Telkom Indonesia Tbk (IDX: TLKM), PT Bank Negara Indonesia Tbk (IDX: BBNI), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT PP Tbk (IDX: PTPP), PT Bukit Asam Tbk (IDX: PTBA), PT Barito Pacific Tbk (IDX: BRPT), and PT Perusahaan Gas Negara Tbk (IDX: PGAS).
May you have a profitable Day!
Written by Linda Silaen, Please Read Our News to Get More information about Indonesia
