The three major US stock indexes closed lower by more than 1%, amid a 5% increase in the price of Brent crude oil, and a meeting of Western leaders to put more pressure on Russia to end its conflict in Ukraine. The increase in oil prices to the level of USD 121 per barrel, which was also experienced by natural gas, became a negative sentiment for consumers and many business sectors. Meanwhile, yield on UST10Y sloped to 2.30%, having previously touched 2.41% or the highest level since May 2019.

Yesterday, JCI closed below the psychological level of 7,000, amid the decision of the International Monetary Fund (IMF) to revise down its projection for Indonesia’s growth from 5.6% to 5.4%. JCI closed slightly lower 0.07% to 6,996.12, with a decline in 6 of 11 sectors. Today, we project that the JCI will move upwards, still in the range of 6,900 – 7,100.

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