JAKARTA (TheInsiderStories) – Good Morning! Indonesian President Joko Widodo will directly review the progress of the construction of Patimban port in Subang, West Java, during his visit today. The port was a national strategic project build with Japan and was carried out to improve logistics, attract the investment also to drive the economic growth.
The government targeting the soft opening of Patimban port will be carried out in 2020 for car and container terminals. The project construction is carried out in stages, starting in 2018, and is targeted to be completed in 2027 to be able to serve 7.5 million containers (TEUS) and 382,000 motor vehicles per year.
Surprisingly, United States President Donald Trump visit Afghanistan and said he believed Taliban insurgents would agree to a ceasefire in America’ longest war. At the visit, he met with Afghan President Ashraf Ghani.
This it was his first to Afghanistan since becoming president and came a week after a prisoner swap between Washington and Kabul that has raised hopes for a long elusive peace deal. He wanted to end US involvement in Afghanistan since presidential candidate but talks between the Taliban and the US collapsed in September after Trump called off a planned meeting with Taliban leaders , citing a surge in Taliban violence.
On Thursday, British consumer confidence remained stuck at its joint – lowest level since 2013 in November as uncertainty around the Dec. 12 election and Brexit weighed on households in line with other indicators that have painted a subdued picture of the country’ economy, although a seasonally adjusted version of the GfK survey published by the European Commission on Thursday showed a small rise.
Spending by consumers has helped the economy at a time when many companies have cut investment due to a lack of clarity about Brexit. Earlier this week, a measure of retail sales rose to its highest level since April in November.
Starting Dec. 4 until May 29, 2020, Chile‘ central bank will sell up to US$20 billion in foreign currency interventions in a bid to stabilize the local currency, it said on Thursday, after the Peso hit a new all-time low. Yesterday, Chile’ peso plummeted to a new low for the second day in a row following more than a month of protests over inequality that turned increasingly violent again this week.
The program will consist of a possible $10 billion in dollar sales on the spot foreign exchange market and up to another $10 billion in sales of “exchange hedging instruments”. It said it would “continue to use all the tools available” to maintain the normal functioning of internal and external payments, and achieve its 3 percent annual inflation target.
From Asia, South Korea’ central bank left interest rates unchanged at 1.25 percent in the last policy meeting on Friday. The bank also assessed the effect of its recent rate cuts on an economy hit hard by trade war and cooling global demand.
Today, Governor Lee Ju-yeol expected to disclose how the policy panel voted and give the central bank’ revised 2019 – 2020 economic growth and inflation forecasts.
On Thursday, Indonesian Rupiah edged up 0.02 percent to 14,092 and Bank Indonesia (BI) middle rate fell 0.02 percent to 14,099 against the American Dollar. While, the Jakarta Composite Index (JCI) dropped 1.16 percent to 5,953.06 compared to previous day.
Analysts said, the local currency had reversed direction after the US Purchasing Managers’ Index (PMI) data in November fell to 46.3. In addition, the uncertainty of the trade war between the US and China still continues after Trump signed the Hong Kong Human Rights and Democracy Law.
If the trade war starts again, the Greenback exchange rate, which is a hedging asset, has the upper hand again, they said. Based on the various data, the observers rated, Rupiah will depreciate again and move in the range of 14,060 – 14,135 a US dollar and the JCI between 5,918 – 5,988.
The stocks to be watch are PT Indika Energy Tbk (IDX: INDY), PT Surya Citra Media Tbk (IDX: SCMA), PT Media Nusantara Citra Tbk (IDX: MNCN), PT Unilever Indonesia Tbk (IDX: UNVR), PT Japfa Tbk (IDX: JPFA), PT Matahari Department Store Tbk (IDX: LPPF), PT Telkom Indonesia Tbk (IDX: TLKM), PT Unilever Indonesia Tbk (IDX: UNVR), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), and PT HM Sampoerna Tbk (IDX: HMSP).
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia