Category: Market

Corporate Actions

The Vice Minister of State-Owned Enterprises (SOEs), Kartika Wirjoatmodjo, recently said that PT Dayamitra Telekomunikasi (Mitratel), subsidiary of state telco operator Telekomunikasi Indonesia (TLKM) Telkom, was considering listing its shares at Indonesia Stock Exchange (IDX). There is no further detail on the targetted initial public offering (IPO) time of the telecommunication tower leasing provider.

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Market & Rates

Global stock markets closed in red on Thursday (Sep. 17) as investors digested key central bank meetings and a weak United States (US) jobless claims report. US stocks tumbled yesterday as a steep sell-off in Big Tech damped sentiment. On the macro side, data was mixed, as weekly jobless claims totaled 860 thousand and beat the 875 thousand expected by economists, but housing starts missed estimates and dropped in August 0.9% on a monthly basis. 

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Corporations to Watch

State construction firm Wijaya Karya (WIKA) plans to issue bonds and sharia bonds with a total value of Rp5 trillion to pay their obligation. The step is part of the company’s strategy in anticipating refinancing the komodo bond worth of Rp5.4 trillion, which will mature in January 2021.

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Market & Economic Data

Global stock markets closed mixed on Wednesday (Sep. 16) with United States (US) stocks turning negative as the Fed held rates steady as expected, and tech shares tumbled following the decision. Fed Chairman Jerome Powell said the central bank would keep the monetary rate steady until inflation moderately exceeds the 2% target for a period of time. On the macro side, core retail sales dropped by 0.1% in August and disappointed consensus of a 0.5% gain as enhanced jobless benefits ended. 

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Market Gain on Positive Data

Global stock markets mostly extended gains on Tuesday, supported by positive economic data. Meanwhile, the focus shifted to the United States (US) Federal Reserve’s two-day policy meeting on hopes it could unveil more details on its future stance on interest rates and asset purchases. 

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Economic Recession?

Coordinating Minister for the Economy Airlangga Hartarto expects Indonesia’s economy to post minus growth or contraction in the third quarter (Q3) of 2020. So, the Country will enter into recession as it contracted for two consecutive quarters—in Q2, the economy contracted 5.32%. Hartarto said the economy was expected to post minus 3-1% in Q3 and post minus 1% to positive 0.25% growth for this whole year.

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Economic Recovery: Export-Import data

Indonesia booked trade surplus of US$2.3 billion last month, dropped 28.1% from July, mainly due to 2.7% increase in import. The slight increase in import suggests improvement in domestic economy, but 4.6% decline of export m-o-m was pretty disappointing, especially because export of non oil and gas declined by 4.35%.

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Growing Lending

The Financial Services Authority (OJK) said it was optimistic that the demand for loans would grow significantly along with the economic activity. Per July 2020, the demand for loans or lending grew 1.53% year on year (y/y), higher than the previous month’s 1.49% growth. The lending grew in almost all parts of the country.

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Market Data

Global stock markets gained on Monday (Sep. 14) as signs of progress in developing a coronavirus vaccine lifted sentiment. AstraZeneca trials resumed after the United Kingdom (UK) authorities gave their approval. The Company previously halted its late-stage trials over safety concerns after one volunteer got sick. Another good news on potential coronavirus vaccines from Pfizer and BioNTech. It lifted market sentiment yesterday. 

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Economic Recovery & The Commodities

The benchmark November 2020 contracts of crude palm oil (CPO) jumped RM82 to RM2,893 per ton on Bursa Malaysia Derivatives Monday (Sep 14). Earlier last week, the commodity ended substantially higher at US$740 per ton (CIF) in Rotterdam to represent 45% gain from its bottom this year. 

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M&A Update

Bread maker Nippon Indosari Corpindo (ROTI), a unit of Salim Group, has divested all of its shares in its subsidiary operating in the Philippines. The Company had signed a share purchase agreement for its shares in Sarimonde Foods Corporation with Monde Nissin Corp.

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Market This Week

Global stock markets this week are expected to trade mixed with major market concerns focusing on global economic development, including the interest rate policies by the United States (US) Federal Reserves (Fed), Bank of England (BoE), and Bank of Japan (BoJ). The Fed’s monetary policy meeting will be keenly watched this week with all eyes on Chair Powell’s press conference for hints on new stimulus measures and details on the recent average inflation target. 

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