Indonesian President Joko Widodo officially revoke 18 bodies by signed the decree on Monday (07/20) - Photo by President Office

JAKARTA (TheInsiderStories) – Good Morning! Indonesian President Joko Widodo officially revoke 18 bodies by signed the decree on Monday (07/20). At the same time he also formed a committee to run the COVID-19 response and Economic Recovery Program (ERP).

on the same day, the top leader of Jemaah Islamiah, Para Wijayanto, was sentenced to seven years jail by an Indonesian court for inciting others to commit an act of terrorism. He was instrumental in recruiting, training and raising funds for Indonesian militants who went to Syria between 2012 and 2018 to fight the opposed to the regime of President Bashar al-Assad.

While, a number of labor unions under the Confederation of Indonesian Workers Unions are preparing to stage simultaneous protests against the omnibus law and the mass layoffs in 20 provinces in early August 2020. According to the president, Said Iqbal, there are only two demands reject the omnibus law on job creation and stop mass layoffs due to the COVID-19 pandemic.

Today, Widodo has agenda to lead a limited meeting on the tuberculosis issues. Then, senior minister for maritime and investment, Luhut Binsar Panjaitan accompany by minister of energy and mineral resources Arifin Tasrif and minister of maritime and fisheries Edhy Prabowo, has schedule to inaugurates the Refuse Derived Fuel in Cilacap, Central Java.

Other agenda is the coordination meeting on the new committee on COVID-19 responses and ERP also the limited meeting on banking and financial sector. And, chairman of Investment Coordinating Board, Bahlil Lahadalia together with governor of West Java, Ridwan Kamil has agenda to witnesses the groundbreaking of PT Meiloon Technology Indonesia, one of the foreign companies has relocated their factory to Indonesia.

Yesterday, Indonesian Rupiah weakened 0.56 percent to 14,785 per US Dollar and the Jakarta Composite Index (JCI) corrected 0.56 percent to 5,051.11 compared to yesterday. According to analysts the increasing of the positive cases in Indonesia has become a burden to the government.

There are a fear that the economic growth will stagnate again. Moreover, the economic growth in the second quarter will soon be released and has a possibility contraction. The recession in Singapore also become a “real ghost” that the government continues to think of as being one of the country’ biggest investors.

Beside, the Jakarta provincial government continued the transition period until July 30. Even if in August the pandemic continues to rises, it is very likely that the transition period will be reinstated. Limitation of activity will add to the gloom of the domestic economy, they said.

According to them, its very natural that the Rupiah will weaken to 15,000 per US dollar this month, even in August it will reach 16,000 per US Dollar. Bank Indonesia has made every effort to stabilize the local currency from lowering interest rates, pouring out stimulus and even intervening in the money and bond markets in Domestic Non Delivery Forward trading.

But what has been done by the central bank has not produced results because the gusts of wind from the external are so fast. Today the Rupiah is estimated to move between 14,750 – 14,850 per US Dollar and JCI between 4,950 – 5,000.

Shares that can be considered today are PT Astra Agro Lestari (IDX: AALI), PT Indofood CBP Sukses Makmur (IDX: ICBP), PT Indofood Sukses Makmur (IDX: INDF), PT XL Axiata Tbk (IDX: EXCL), PT Bank Central Asia Tbk (IDX: BBCA), PT Kimia Farma Tbk (IDX: KAEF), PT London Sumatra Indonesia (IDX: LSIP), PT PP Tbk (IDX: PTPP), PT Surya Citra Semeta Tbk (IDX: SCMA), and PT Bank Tabungan Negara Tbk (IDX: BBTN).

May you have a profitable day!

Written by Linda Silaen and TIS Intelligence Team. Please Read Our Insight to Get More information about Indonesia