Asian Markets are Bleeding and Interest Rate Hike Haunts JCI

Today, Bank Indonesia has raised the interest rate benchmark 7-days reverse repo rate 25 bps to 4.75 as a part of a preemtive stance to ensure stability of Rupiah as a response to the projection of higher-than-expected interest rate hike in the US, as well as increasing risks in the global financial market. Further hikes also possible due to Bank Indonesia has change its stance from neutral to tight bias.

US markets closed lower with S&P 500 Index down 1.16% to 2,689.86, Dow Jones Industrial Average down 1.58% to 24,361.45, and NASDAQ Composite down 0.50% to 7,396.59. Today, Asian stock markets faced pretty bad day. The FTSE Bursa Malaysia KLCI Index is the worst by plunged 3.18% to 1,719.28, KOSPI Composite Index down 1.96% to 2,409.03, Nikkei 225 down 1.52% to 22,018.52, Hang Seng Index down 1.40% to 30,056.79, and STI Index down 2.12% to 3,443.95. European markets open slightly different than yesterday close and Crude Oil WTI is now around $67/barrel.

Jakarta Composite Index (JCI) is slightly lower in today close although neighbor markets mostly turn deep down lower. JCI down 0.94% to 6,011. Value of transaction is 10.370 trillion rupiahs with advance stocks are 171, decline stocks are 242, and unchange stocks are 220. The top gainers are United Tractors (UNTR) up Rp 700 to Rp 36,800, Indo Tambangraya Megah (ITMG) up Rp 525 to Rp 25,900, Kimia Farma (KAEF) up Rp 500 to Rp 2,530. The top losers are Gudang Garam (GGRM) down Rp 1,100 to Rp 68,375, Unilever Indonesia down Rp 550 to Rp 46,550, and Indocement (INTP) down Rp 500 to Rp 17.975. USDIDR exchange rate now at 13,974.

Technically speaking, JCI is unable to move beyond resistance from March 23 previous low 6085 and today it has formed bearish harami pattern with bigger volume than yesterday’s volume. JCI needs strong catalysts to move beyond the resistance level but regional markets and macro conditions (e.g. interest rate hikes) are not friendly. It seems JCI will going lower in the short-term.

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