Investors’ selective buying propelled Wall Street’s gains, with the S&P 500 up 0.43%. It was followed by the Dow Jones and the Nasdaq, up 0.25% and 0.06%, respectively. The strengthening of the Wall Street stock market is in contrast to the pressure on the United States (US) bond market. The yield of US Treasury series UST10Y booked another record at 2.67% or the highest level in trading in the last three years.
JCI closed up 0.33% to 7,127 yesterday, supported by foreign net buys of IDR 414 billion. The JCI strengthened amid negative sentiment from the Fed’s meeting minutes which agreed to reduce its balance sheet by USD 95 billion per month. Yesterday, Bank Indonesia (BI) reported the foreign exchange reserves as of the end of March 2022 was booked at USD 139.1 billion, or down by USD 2.3 billion from the previous month. This decline was influenced by the needs to pay the government’s foreign debt. NHKSI Research projects JCI to move upward in the range of 7,100-7,200.
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