JABAR EKSPRES – The Indonesia Stock Exchange (IDX) Composite Stock Price Index (JCI) on Thursday is likely to move sideways ahead of the release of Indonesia’s trade balance.
JCI opened down 3.98 points or 0.06 percent to 6,695.74. Meanwhile, the group of 45 leading stocks or the LQ45 Index fell 1.75 points or 0.19 percent to 948.04.
“JCI has the opportunity to move sideways (flat) today,” said the Lotus Andalan Sekuritas Research Team in its study in Jakarta, Thursday.
Domestically, the Central Statistics Agency (BPS) will announce data on Indonesia’s trade balance for the May 2023 period this afternoon, which is expected to shrink in line with weakening commodity prices and the sluggish Chinese economy.
The consensus estimates that the trade balance surplus for May 2023 will reach USD 3.04 billion, or lower than April 2023 which reached USD 3.94 billion.
From abroad, market players need to pay close attention to a number of sentiments that will move today’s trading, one of which is related to the Fed’s decision which will be the main driver of the Indonesian financial market.
It is feared that the Fed could make other central banks, including Bank Indonesia (BI) to reverse direction back to hawkish.
Meanwhile, the US stock market ended variably on yesterday’s trade, after the Fed maintained its benchmark interest rate.
However, the Fed also signaled to raise the benchmark interest rate two more times in the future, reflecting the median projection of the Fed which estimates interest rates in the range of 5.5- 5.75 percent in 2023 from 5- 5.25 percent previously.
From Europe, the European Central Bank (ECB) will also announce its interest rate policy later tonight, which is expected to still raise interest rates by 25 bps to 4 percent.
Asian regional stock markets this morning include the Nikkei Index strengthened 27.90 points or 0.08 percent to 33,530.30, the Hang Seng Index strengthened 211.32 points or 1.09 percent to 19,619.74, the Shanghai Index strengthened 3.61 points or 0.11 percent to 3,232.60, and the Straits Times index strengthened 8.44 points or 0.26 percent to 3,226.58.
