SUN market pressure, amid the release of Trade Balance data. Data shows, Trade Balance Aug. recorded a surplus of +USD5.7B (Vs. Jul. +USD4.2B). This performance, along with Exports and Imports YoY in the same period grew 30.2% (Vs. Jul. 44.3%) and 32.8% (Vs. 41.2%). Yesterday, all benchmark series recorded yield increases in the range of 1.7 bps to 6.2 bps.
Corporate Bonds
BBTN: Profit Grows 60% in 1H22. PT Bank Tabungan Negara (Persero) Tbk (BTN) recorded a net profit growth in 1H22 of 60% YoY or IDR1.47 trillion. This growth was supported by an increase in net interest income to IDR7.73 trillion, due to the Company being able to reduce interest expenses by up to 28%. (Kontan)
Domestic Issue
Indonesia’s Trade Balance Surplus USD 5.76 Billion. The Central Statistics Agency (BPS) reported that Indonesia’s trade balance was in a surplus of USD 5.76 billion in August 2022. This performance is also the 28th month that Indonesia has continuously experienced a trade balance surplus. Indonesia’s exports in August 2022 were recorded at USD 27.91 billion, while imports reached USD 22.15 billion. (Kompas)
Recommendation
Positive catalyst for Trade Balance. Meanwhile, the performance of the domestic Trade Balance is still a positive catalyst for SUN trading today. Meanwhile, economic data US retail sales in August grew +0.3% MoM, as energy costs fell during the period. Monthly retail sales improved on the back of increased purchases of motor vehicles and consumption, in line with lower public gasoline and gas costs. Consumer spending was also supported by the labor market, with jobless claims for the week ending September 10 dropping 5K claims to 213K WoW, a three-month low.
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