JAKARTA (TheInsiderStories) – Good Morning! After inaugurated yesterday, today President Joko Widodo and Vice President Ma’ruf Amin will introduce their new cabinet. Based on head of states statement, the numbers of minister still 34 with lot of new faces.
Investors’ attention also focuses on the economic team line-up in the new Indonesian cabinet, amid increasing pressure to build a broad ruling coalition. Beside, investors eyes will go to policy action comes from Bank Indonesia and European Central Bank.
While other key releases include United States (US) durable goods orders and home sales, eurozone consumer confidence and the German Ifo survey. Then a raft of flash Purchasing Managers Index surveys to provide an early indication of economic trends at the start of the fourth quarter.
Meanwhile, Brexit and trade war developments once again form the backdrop for global markets. The British government insists it will leave the European Union (EU) on Oct. 31, despite a letter from parliament force Prime Minister Boris Johnson to send a request to the European Union (EU) for the Brexit delay.
Otherwise, EU is likely to offer a short extension to Johnson, if he needs more time to ratify his deal or a longer extension if the government cannot win MPs’ backing for the deal and a general election follows.
In Asia, the week sees key trade numbers out of Japan, Taiwan and Hong Kong SAR, while South Korea updates its GDP. In Indonesia, the economic minister team become the center of investors eyes and its expecting become the positive catalyst for the financial market.
The Business Competition Supervisory Commission again sentenced PT Citra Prima Sejati, for failing to report its corporate actions. As a whole the subsidiary of PT Bumi Resources Tbk (IDX: BUMI) has been fined Rp30.9 billion (US$2.19 million) in three different cases, namely delays in the acquisition of shares of PT Buana Minera Harvest and PT Mitra Bisnis Harvest.
The Assembly considered, there was a delay in notification to the agency conducted by Citra Prima Sejati related to the takeover of PT MBH Mining Resources shares. The company was declared late in notifying its deadline exceeding 30 working days since the takeover of the shares was legally effective.
Today, Indonesia Stock Exchange opens a suspension of shares of PT Gaya Abadi Sempurna Tbk (IDX: SLIS). Previously, the Exchange had temporarily suspended trading in the shares of SLIS since Oct. 18. The temporary suspension of the trading of shares was in the context of cooling down, after a significant cumulative price increase on the company shares rose 25 percent to Rp1,225 a unit.
Last weekend, Indonesian Rupiah slightly up 0.08 percent to 14,144 over the Greenback from prior day at 14,155. While, the Jakarta Composite Index (JCI) closed up 0.17 percent to 6.191,95.
Analysts predicting the local currency will remain stable in the range of 14,100-Rp 14,200 against US dollar. And the composite index has a range at 6,158.17 to 6,276.63.
The stocks to be watch are PT Blue Bird Indonesia Tbk (IDX: BIRD), PT Gudang Garam Tbk (IDX: GGRM), PT HM Sampoerna Tbk (IDX: HMSP), PT Vale Indonesia Tbk (IDX: INCO), PT Indotambang Megah Raya Tbk (IDX: ITMG), and PT Medco Energy International Tbk (IDX: MEDC).
Furthermore, PT Gaya Abadi Sempurna Tbk (IDX: SLIS), PT Kalbe Farma Tbk (IDX: KLBF), PT AKR Corporindo Tbk (IDX: AKRA), PT Telkom Indonesia Tbk (IDX: TLKM), PT XL Axiata Tbk (IDX: EXCL), PT Pakuwon Jati Tbk (IDX: PWON), PT Wijaya Karya Tbk (IDX: WIKA), and PT Adhi Karya Tbk (IDX: ADHI).
May you have a profitable week!
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia