US stock markets continued closing lower on (01/03); with three major indexes declining more than 1% each. The geopolitical crisis in Ukraine as well as lower expectations of aggressive monetary policy from the Federal Reserve contributed to the fall in the 10-year US bond yield to 1.7%. Meanwhile, crude oil prices broke above the level of 100 US dollars per barrel for the first time since 2014.
JCI rallied in the beginning of March with an increase of 0.48%; supported by foreign net buys worth IDR 1.7 trillion. Indonesia’s solid economic fundamentals, downward trend in Covid-19 cases, as well as high commodity prices; become several positive catalysts for the entry of foreign funds. For today, the movement of the benchmark index has the potential for a reasonable correction in the projected range of 6,850-6,950.
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