Jakarta, CNBC Indonesia – The Composite Stock Price Index (JCI) and the rupiah exchange rate successfully posted gains in trading yesterday, Thursday (10/3/2022). But at the same time, the market for Government Securities (SBN) is still moving mixed.
The Composite Stock Price Index (JCI) closed up 0.87% to 6,924 yesterday. JCI had dropped to its lowest level at 6,837.73 in session I. However, the index managed to rebound in session II. Foreigners also returned to net buy. This time, foreigners bought a net Rp 286.4 billion in the regular market.
The majority of Asian stock markets rose this morning. Japan’s Nikkei index even rose nearly 4%, followed by the Straits Times which rose 1.42% as runner up and Hang Seng in third place with an increase of 1.27%.
Although it rose almost one percent, the JCI’s performance was not as good as other major Asian stock exchanges. But it doesn’t matter because the JCI has already leading first several times.
Turning to the forex market, the rupiah exchange rate successfully recorded strengthening for 3 trading days in a row (Hat Trick). Rupiah ended its trading in the spot market with a strengthening of 0.49% to Rp. 14,275/US$.
The sharp strengthening of the rupiah in the spot market was also followed by the middle rate of Bank Indonesia (BI) or the Jakarta Interbank Spot Dollar Rate (Jisdor) which rose 0.51% to Rp. 14,298/US$. The inflow of foreign funds and the increase in commodity prices ranging from oil, gas and coal seemed to provide energy for the rupiah to strengthen.
when there is inflow foreign funds, meaning that the demand for rupiah increases. Combined with high commodity prices will have an impact on solid export performance. Through exports, Indonesia gets a supply of foreign exchange or foreign exchange.
When combined, the high demand for the rupiah and the abundant supply of foreign currency will eventually increase the rupiah exchange rate.
But unfortunately, the unfortunate fate must be experienced by SBN. The SBN yield for various tenors tends to vary. However, the 10 -year SBN reference yield was observed to fall 3.3 basis points (bps) from the previous trade to 6.76%.
In contrast to stocks that are hunted by foreign investors, SBN was instead released. Foreigners who relinquished their ownership in SBN also triggered an increase in yields.
Domestically, Bank Indonesia (BI) will release retail sales survey data for January 2022. Indonesian retail sales rose 15.2% year on year (yoy). Furthermore, retail sales are forecasted to grow 14.5% yoy in February 2022.
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