Market Focuses On FOMC Meeting, JCI Strengthens Earlier This Week

A janitor walks in front of the Jakarta Composite Index (JCI) screen, at the Indonesia Stock Exchange, Jakarta. (Photo: Aprillio Akbar/Antara)

JAKARTA - The Composite Stock Price Index (IHSG) of the Indonesia Stock Exchange (IDX) strengthened at the beginning of the week as market players began to focus on waiting for the meeting of the Federal Open Market Committee (FOMC) on Thursday, June 17. Reported by Antara, Monday, June 14, JCI opened up 15.3 points or 0.25 percent to 6110.8. While the group of 45 leading stocks or the LQ45 index rose 4.21 points, or 0.47 percent to 905.86 positions. the conversation will be tapering," wrote the Lotus Sekuritas Research Team in its study. JCI has limited opportunity to strengthen earlier this week in the range of 6,041 - 6,143. Externally, US equity markets closed slightly higher in trading last weekend. The yield on the 10-year US bond fell back below 1.5 percent, the lowest level since early March. Meanwhile, the annual US inflation rate increased to 5 percent in May 2021, above expectations of 4.7 percent. However, investors believe inflationary pressures are only temporary. From the data, the US trade deficit narrowed to USD 68.9 billion in April 2021 from a record high of USD 75 billion in March, in line with market expectations. From Asia, China's annual inflation rate jumped to 1.3 percent in May 2021, the highest since September 2020. May inflation was up from 0.9 percent a month earlier, but lower than the market consensus of 1.6 percent. Asian regional stock markets this morning include the Nikkei index up 102 .46 points, or 0.35 percent, to 29,051.19 and the Straits Times index was down 5.57 points, or 0.18 percent, to 3,152.4. Meanwhile, the Chinese and Hong Kong stock exchanges are on holiday to celebrate the Dragon Boat Festival.