JCI has the Opportunity to Strengthen Amidst the Turmoil in the Middle East

The Indonesian Stock Exchange (BEI) Composite Stock Price Index (IHSG) on Monday has the opportunity to move higher amidst the still heated conflict in the Middle East.

JCI opened up 27.41 points or 0.40 percent to 6,816.26. Meanwhile, the group of 45 leading stocks
or the LQ45 Index rose 5.77 points or 0.64 percent to 909.92.”IHSG has the opportunity to move higher at the start of this week,” said the Lotus AndalanSekuritas Research Team in its study in Jakarta.

From overseas, Indonesia’s financial markets are expected to remain volatile this week due to the
conflict in the Middle East between Israel vs Hamas which has not shown any signs of cooling, as
well as important data from China.

China will release data on exports and imports and the trade balance, which is expected to
increase to 81.95 billion United States dollars (US). The US will also release trade balance data along with exports and imports, which is estimated to be in a deficit of 60 billion US dollars, or deeper than the deficit in the previous period of 58.3 billion US dollars.

Domestically, today, Monday (06/11), the Central Statistics Agency (BPS) will announce economic
growth data for the third quarter of 2023, which is estimated to reach 5.03 percent year on year
(yoy) and 1.71 quarter to quarter (qoq).

Apart from that, the government will also announce a stimulus which is likely to be free Value
Added Tax (VAT) for the purchase of new commercial houses, or 100 percent government borne
VAT (VAT DTP) for houses worth up to IDR 5 billion.

Meanwhile, the US stock market closed higher last week, which was dominated by US employment
data that matched estimates and Jerome Powell’s statement which was deemed not too strict for
the Fed’s future policy.

Asian regional stock exchanges this morning include the Nikkei index strengthening 765.50 points
or 2.40 percent to 32,715.40, the Hang Seng index strengthening 287.80 points or 1.63 percent to
17,951.92, the Shanghai index strengthening 10.60 points or 0.35 percent to 3,041.40, and the
Straits Times index rose 17.39 points or 0.55 percent to 3,161.05.

Source : Antara