US Index was mixed with DJI up by 0.11%, yet the S&P500 and Nasdaq pulled back even more after the Christmas break. This was triggered by USDT10Y bond yields that went upside to nearly 11bps at 3.85%, as well as the release of US Goods Trade Balance (Nov.) economic data, which deficit narrowed to USD83.35 billion (vs. USD98.8 billion). Meanwhile, the US property market also showed that house prices fell below the rising mortgage interest rate. Towards the end of the year, US market participants seem to remain Wait & See ahead of the Fed’s meeting minutes and the announcement of employment data, which is planned to be released next week.

Corporate Bonds
BCAP : Offers IDR450 Billion Bonds. PT MNC Kapital Indonesia Tbk (BCAP) will offer IDR450 billion in phase I bonds, which is a part of the sustainability bond III with a target of IDR750 billion. Phase I for the sustainability bond III came with three series. Series A has a duration of 370 days, series B has a term of three years, and series C has a five-year term. The first interest payment is on April 5, 2023, and the last interest payment, along with its due date, is: January 15, 2024, for series A, January 5, 2026, for series B, and January 5, 2028, for series C. (Emiten News)

Domestic Issue
Government Issues a Ban on Cigarette Bars Sales The government issued Presidential Decree (Keppres) of the Republic Indonesia Number 25 of 2022, one of which contains a ban on the sale of cigarette bars. President Joko Widodo said that this ban is intended to maintain the health of all people, which other countries had already implemented the ban. The Ministry of Health also stated that the Presidential Decree is necessary to reduce the increasing rate of teenage smokers (age 10 -18).

The long-awaited Santa Clause Rally has finally happened, with the JCI breaking the MA10/6850 resistance and apparently, it is heading to the next resistance, MA50, in the 6900-7000 area; thus, the NHKSI Research’s prediction about the JCI that might be able to close in the 7000-7100 range by the end of 2022 is becoming more feasible. Even though the foreign Net Sell posted IDR2.22 trillion on the equity market last week, it still recorded a Net Foreign Buy (all market) of IDR63.64 trillion YTD.

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