Selective buying supported Wall Street’s stock market yesterday. The S&P 500 and Dow Jones were up +0.2% each, with the Nasdaq slightly down by -0.01%. Investors were selectively buying after the Nasdaq fell to -3.95%, followed by the S&P 500 (-2.81%) and the Dow Jones (-2.38%) last Tuesday. Meanwhile, the current volatility of the United States (US) stock exchange is ahead of the 50 bps increase in the Fed Funds Rate (FFR) next week.

Investors ignore Indonesia’s outlook upgrade by S&P, and JCI fell below the psychological level of 7,200. On April 27, 2022, S&P Global Ratings revised the outlook for Indonesia’s long-term sovereign debt rating to stable (BBB/A-2) from negative. In addition to the FFR increase next week, the issue of the firm ban on the export of crude palm oil (CPO) and a number of CPO derivative products has currently influenced trading. On the last trading ahead of the long Eid al-Fitr holiday, NHKSI Research projects that the JCI will move downwards in the range of 7,100-7,300.

Download full report HERE.