Jakarta, CNBC Indonesia – The Composite Stock Price Index (JCI) this week rose 0.54% to a level of 6,072.51. For the next week, the smell of monetary and pandemic will be the major sentiment that moves markets in the world, including Indonesia.
Throughout the next week, several data and national and global agendas await. Some economic indicators from the US may be blowing the scent of anxiety, so market participants need to play it safer. Commodity prices are also likely to fluctuate.
Sentiment first What hit the market next week is the sudden meeting of the OPEC+ forum which was held virtually this Sunday night, to decide the fate of increasing oil production by up to 2 million barrels per day (bpd).
OPEC+ consists of member countries of the Organization of the Petroleum Exporting Countries (OPEC), Russia and its allies. They agreed last year to cut oil production by 9.7 million bpd until the end of 2022, but now the fact is only at 5.8 million bpd as the economy begins to open and world oil demand increases.
Saudi Arabia and the United Arab Emirates (UAE), which had been at odds over the amount of oil production to be increased (at least 2 million bpd), reportedly reached an agreement by allowing the UAE to cut its quota to 3.65 million bpd, from the previous 3.168 million bpd.
If an agreement is reached to release an additional 2 million bpd of oil into the world market, a correction in world oil prices will occur on Monday, which will lead to a correction in oil and gas stocks.
On Tuesday, the national stock exchange will have a holiday to commemorate Eid al-Adha. However, market participants should keep an ear to sentiment second, namely the announcement of whether or not the Emergency Community Activity Restrictions (PPKM) policy will continue.
The Ministry of Health stated that the number of positive Covid-19 cases in Indonesia increased by 44,721 or decreased compared to yesterday’s addition of 51,952 cases. Thus, the accumulation of positive cases nationally reached 2,877,476.
The number of recovered patients increased by 29,264 people, so that the accumulated recovery rate was experienced by 2,261,658 people. The death rate was relatively flat, as many as 1,093 people, compared to yesterday’s death rate of 1,091 people.
This means that the Emergency PPKM has not been effective in suppressing the spread of the Corona virus, because the government’s target of 10,000 new cases of Covid-19 per day is still far from being burned. The pandemic is still out of control!
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