STRATEGY REPORT - Expecting further upside in March

In February, the JCI index has risen 380 points (6.5%) from 5,862 on January 29 to 6,242. This is in line with our expectation that JCI performance would be better in February after declining by 2% in January.

ECONOMIC UPDATE - Inflation - Remaining cool

The low inflation is preferable as people expect that inflation will go high in 2021 as the economy recovers because the low inflation provides space for the future inflation to go higher than current level. 

Fund Performance

ECONOMIC UPDATE - BoP review - Solid amid pandemic

Bank Indonesia (BI) recorded current account balance at USD0.79 bn (0.29% of GDP) continuing surplus at USD1.01 bn in 3Q20 (0.38% of GDP).

ECONOMIC UPDATE - Monetary review - Harnessing momentum

In Feb-21, Bank Indonesia (BI) cut its benchmark interest rate by 25 bps from 3.75% to 3.50% or in line with our expectation and consensus. Market has also expected the rate cut since Governor Perry indicated his preference of the lower rate at some...

ECONOMIC UPDATE - External trade review - Started the year with a surplus

After resulting surplus of USD21,6 tn in overall 2020, the trade balance started 2021 with surplus at USD1.96 bn in Jan-21. The global economic recovery may lead to the smaller trade surplus ahead as the import may grow due to the higher demand of imported input for domestic production.

ECONOMIC UPDATE - GDP - Heave a sigh of relief

Market heaves a sigh of relief that the daunting contractions over each quarter in 2020 have stabilized with a better trend.

ECONOMIC UPDATE - Inflation - Start low, go slow

In medical terminology, lowest dose is given to the patient as the dose may increase slowly as needed for the sake of comfort goal. In other terms: start low, go slow.

ECONOMIC UPDATE - Monetary review - Steady rate

Bank Indonesia (BI) held its benchmark interest rate at 3.75% in Jan-21 or in line with our and consensus expectations. Thus, the deposit and lending facility were unchanged at 3.0% and 4.5% respectively.

ECONOMIC UPDATE - Externaltrade review - Surplus closes the year

Statistics Indonesia recorded trade surplus at USD2.1 bn in Dec-20. The surplus is lower than our and consensus estimates at USD2.89 bn and USD2.58 bn, respectively.

ECONOMIC UPDATE - Inflation revs up

Inflation at 0.45% MoM (1.68% YoY) remarks the final inflation in 2020. The inflation accelerated for a fourth straight month from Sep-20.

ECONOMIC UPDATE - Monetary Review - Rest after the fifth rate cut

Bank Indonesia (BI) held its benchmark interest rate at 3.75% in Dec-20 or in line with our and  consensus expectations.

ECONOMIC UPDATE - External trade review - Highest export in 2020

Statistics Indonesia recorded trade surplus at USD2.61 bn in Nov-20. The surplus is higher than our and consensus estimates at USD1.61 bn and USD2.60 bn, respectively.

ECONOMIC UPDATE - BoP review - First surplus since 2011

Bank Indonesia (BI) reported Indonesia’s balance of payments (BoP) surplus of USD2.05 bn in 3Q20 (vs. USD0.04 bn deficit in 3Q19).