Investors anticipate BI’s Dovish Stance. JCI was closed higher by 1.6% in the past week, as foreign investors booked a net buy of IDR 1.6 trillion. Investors have anticipated BI’s dovish stance, in contrast with the Fed that increased FFR by 75 bps in 2022. Meanwhile, banking stocks such as BBNI, BMRI, and BBCA dominated the top foreign buy in the past week, indicating that BUKU IV banks were relatively untouched by BI’s GWM increase policy. BI 7DRRR is still low, making room for domestic economic recovery and was another positive catalyst for last week.

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