IHSG opens positive on strong global cues

Jakarta (ANTARA) – The Indonesia Composite Stock Exchange (IHSG) of the Indonesia Stock Exchange (BEI) started the week in the positive zone tracking the rise in the US stock exchange on the ratification of a stimulus package.

The IHSG opened 45.25 points higher (0.72 percent) at 6,304. Meanwhile, the 45 leading stock group, or the LQ45 index, climbed 11.08 points (1.18 percent) to 952.44.

“Today, IHSG is predicted increasing due to strong global sentiment (following the ratification) of the US fiscal stimulus,” wrote Samuel Securities’ Research in Jakarta on Monday.

By the end of last week, US stocks gained significantly, welcoming the ratification of the US$1.9-trillion stimulus package by the Senate.

The ratification will be processed by the US Congress and signed by President Joe Biden before March 14, 2021, while updating former aid programs.

However, the increase in the yield of the benchmark 10-year US Treasury note, which is currently at 1.57 percent, has fueled worries of inflation among global investors.

The commodity market also saw an increase in prices last week. Last Friday, the price of WTI crude increased 3.5 percent to US$66.2 dollars per barrel, while Brent crude rose 4.3 percent to US$69.5 per barrel.

Meanwhile, the price of nickel increased 2.08 percent to US$16.437 per ton, CPO climbed 0.27 percent to 3.42 Malaysian ringgit per ton. Bucking the trend, the price of gold dipped to US$1,700 per ounce.

On the domestic front, on Sunday (March 7, 2021), the daily COVID-19 cases in Indonesia declined, with 5,826 additional cases reported nationwide. The positivity rate reached 19.5 percent.

So far, the total number of COVID-19 cases has reached 1.3 million, with 1.19 million patients (86.6 recovery rate) recovering from the virus.

Meanwhile, as many as 2.8 million COVID-19 vaccine doses have been administered in the country, with 338 thousand people inoculated on Sunday (1.6 percent of the total target).

In the Asian regional markets on Monday, the Nikkei index added 265.31 points (rising 0.92 percent to 29,129.64); the Hang Seng index gained 205.45 points (rising 0.71 percent to 29,303.74), and the Straits Times index rose 52.42 points (rising 1.74 percent to 3,006.27. (INE)

Source: Antara News

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