JCI Was Rebound
Statistics Indonesia (BPS) on Monday (02/03) released Jan. inflation to stand 0.39% m-m and 2.68% y-y: a driver for JCI’s early week moves in the green zone. Chinese government’s swift battles to avert coronavirus’ lethal effects and PBOC’s liquidity injection into its financial system shooted global investors’ anxieties over the pandemic’s possible wreaking havoc on the global state as JCI recorded the return of foreign inflows and paced in the green zone in the mid-week regardless of 2019’s GDP modest growth. Indonesia’s economy during 2019 grew by 5.02% y-y, slower than 5.17% y-y in 2018. On the following day, Bank Indonesia (BI) announced Jan. Consumer
Confidence Index (CCI). Although Jan. CCI dipped, it still stood at 121.7 (vs. 125.4 in Dec. 2019) well above 100 and displayed consumers’ optimism. On Friday of Jan. 07, BI announced Jan. forex reserves to surge by USD2.5 billion to USD131.7 billion, and that was a boost for JCI to reign in the green zone..
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