Wall Street stocks continued to decline, as inflationary pressures began to weigh on the companies’ performance. The Dow Jones closed down 0.75%, while the S&P 500 and Nasdaq declined 0.58% and 0.26%, respectively. US economic data showed initial jobless claims rising more than 10 percent a week, to 218,000 claims. Meanwhile, existing home sales for the April period were 5.61 million, down 2.43% MoM. Wall Street markets are still under pressure, and fears of high inflation and rising interest rates will trigger a sell-off in risky assets such as stocks.
After falling by more than 2.5% in early trading, JCI closed higher by 30 points to 6,823. Meanwhile, technology sector led the gains, rising by +1.8%. The large-cap stock GOTO, as one of the top gainers, closed 13% higher at IDR 280. The JCI movement once again contrasted with the rupiah, which at early trading had depreciated to the level of IDR 14,738/USD. The depreciation of the rupiah, ahead of the BI RDG next week, is projected to keep the BI 7DRRR at the level of 3.50% in May. NHKSI Research projects that the JCI will move upward in the range of 6,700-6,900.
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