|02.06.2020| Market Review

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Market Review (2) 02.06.2020
(By: D’ORIGIN – Louisa Rahardjo)

Indonesian stocks soared on Tuesday alongside with its currency as the country is pushing ahead to reopen its economy to minimize job losses and the threat of social unrest. Meanwhile, economic data showed inflation rate in the country eased cooled to the lowest in 20 years.

Jakarta composite index rose 93.895 points (+1.975%) to 4,847.507. LQ45 jumped 3.26% to 749.517. There were 9.785 billion shares traded worth of Rp11.991 trillion, including transaction of Rp1.904 trillion in negotiation market. Foreign investors purchased a net Rp753.81 billion in all markets. 245 shares rose, 155 declined while 169 unchanged.

Indonesia’s annual inflation rate declined to 2.19% in May 2020, the lowest since June 2000 but slightly above market expectations of 2.15%, as the restriction measures imposed by the government to halt the rapid spread of COVID-19 led consumers to stay at home. Annual core inflation went down to 2.65% from 2.85%, below forecasts of 2.7%. On a monthly basis, consumer prices edged up 0.07% in May.

According to JISDOR, rupiah rose 231 points (+1.57%) at 14,502 while Spot rate strengthened 195 points (+1.34%) at 14,380.

Stocks in Asia and Europe were mostly higher on Tuesday amid hopes for economy recovery as businesses reopen around the world despite lingering concerns over U.S.-Sino and Donald Trump promised to deploy large numbers of troops if cities and states don’t act to contain violence from protests over police brutality.
Reuters reported Monday, citing sources, that China has told state-owned firms to pause on purchases of soybeans and pork from the U.S. That came on the back of U.S. President Donald Trump’s recent announcement that he would begin taking action to eliminate Hong Kong’s special treatment, following China’s approval of a controversial new national security bill for the city.

The Reserve Bank of Australia decided to keep the official cash rate on hold at the record-low level of 0.25% for the month of June as improving consumer sentiment and inflation levels prompted less central bank intervention.

Oil prices continue to climb as OPEC+ producers are considering extending their production cut of 9.7 million bpd, or about 10% of global output, into July or August, at an online meeting likely on June 4. Brent crude futures up 69 cents (+1.80%) to $39.01 per barrel. U.S. West Texas Intermediate crude futures added 57 cents (+1.61%) to $36.01 barrel.

STOXX.. 3,132.56 (+1.78%)
CAC 40.. 4,836.67 (+1.55%)
DAX.. 11,941.10 (+3.06%)
FTSE.. 6,204.99 (+0.63%)

NIKKEI.. 22,325.61 (+1.19%)
HSI.. 23,948.41 (+0.91%)
SHCOMP.. 2,921.40 (+0.20%)
TAIEX.. 11,127.93 (+0.44%)
KOSPI.. 2,087.19 (+1.07%)
S&P/ASX 200.. 5,835.09 (+0.27%)
SENSEX.. 33,770.60 (+1.40%)
STI.. 2,603.12 (+2.05%)

DOW FUT.. 25,505.00 (+0.16%)
S&P FUT.. 3,058.25 (+0.14%)
NASDAQ FUT.. 9,625.00 (+0.31%)

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