The major US markets closed lower on trading (18/02/2021), in line with the majority of global stock markets. The release of the unemployment claims figure that is above the consensus estimate is a bad sentiment for the market. Investors are also still weighing the impact of rising bond yields and the prospect of Joe Biden’s government stimulus package.
Domestically, the JCI continued to weaken after the announcement of the BI-7DRRR rate cut. On the other hand, Bank Indonesia also lowered its projection for economic growth in 2021 to the range of 4.3% -5.3%. Towards the end of the week, JCI is projected to move in the range of 6,150-6,250.
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