JCI to rally beyond 5,500 despite looming recession: analysts

first_imgThe Jakarta Composite Index (JCI) is likely to continue its rally beyond 5,500 despite the looming recession and increasing number of COVID-19 cases, as the government’s COVID-19 response and the capital inflows from new domestic investors will boost investor confidence, analysts have predicted.Mutual fund marketplace Tanamduit chief economist Ferry Latuhihin said on Monday that investor faith in the government’s national economic recovery (PEN) program had offset concerns about the continuous rise in confirmed coronavirus cases.It is one of the reasons why the Indonesia Stock Exchange’s (IDX) main gauge continued to gain and passed the 5,000 level after March’s crash, and it has also overshadowed the probability that the country will face a recession this year, he said. “A recession is a given but the market is looking ahead and it is confident in the government’s ability to handle this crisis,” Ferry said during a market outlook webinar.The government has allocated Rp 695.2 trillion (US$47.1 billion) to boost the economy and strengthen the healthcare system. The funding is also being used for business incentives, social safety net programs, as well as stimulus packages for state-owned enterprises (SOEs).The government and Bank Indonesia (BI) have also agreed to a burden-sharing scheme worth Rp 574.9 trillion to finance the nation’s COVID-19 response.Meanwhile, Indonesia’s economy contracted 5.32 percent in the second quarter, the first contraction since the aftermath of the 1998 Asian financial crisis. Economists also expect that the country is likely to see another contraction in the third quarter, signaling a recession is under way. Meanwhile, the country’s COVID-19 case tally reached more than 180,600 as of Wednesday.At the same time, the JCI has gained 14.4 percent in the past three months, since the market crash where it fell to 3,937 in March. On Wednesday the market closed at 5,311, up slightly by 0.02 percent from Tuesday’s close.“If there’s no bigger outbreak happening globally, I’m convinced that the JCI could reach 6,000 by the end of 2020,” said Ferry, adding that the rally would be supported by abundant liquidity thanks to the United States Federal Reserve’s dovish stance of maintaining low interest rates to boost the US’ economic recovery.He, however, said that the market would not be satisfied with only those policies as they would also look at Indonesia’s prospects in recovering from the crisis caused by the pandemic.To ensure a fast recovery, he suggested the government expedite the COVID-19 budget realization in order to boost consumer spending.As of Wednesday, the government had only spent 28.4 percent, Rp 197.88 trillion, of the total COVID-19 response budget, with disbursement hampered by administrative problems, among other issues.Meanwhile, Trimegah Sekuritas economist Fakhrul Fulvian told The Jakarta Post that he also believed that the JCI would continue to rally and projected the index to reach around 5,600 to 5,800 at the end of this year.However, he believes the rally will be supported more by the fresh liquidity from the rising number of investors during the pandemic, rather than the government’s policy.“The gains the market has seen these past few months and onward is supported by an abundance of liquidity from domestic investors that have started to enter the capital market,” he said.The number of investors in equities, mutual funds and bonds reached 3.02 million as of July, of which 42 percent were stock market investors, according to data from the Indonesian Central Securities Depository (KSEI). This is a 21.7 percent surge from 2.48 million by the end of December 2019.Fakhrul went on to say that since the pandemic had created very little opportunity in the real sectors, businesspeople were becoming more interested in investing their idle money in the capital markets.Domestic investors also dominate the country’s stock market, accounting for Rp 822 trillion in transactions, 64 percent of the trading value as of Wednesday.Topics :last_img read more

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Governor Wolf Provides Update on Weather-Related Flooding Response

first_img SHARE Email Facebook Twitter Press Release,  Weather Safety Harrisburg, PA – Governor Tom Wolf today provided an update on the weekend’s flooding and Pennsylvania’s response to its effects in areas across the state, especially in the southwest, central, and southeast regions.“The Pennsylvania Emergency Management Agency (PEMA) is working closely with county emergency management personnel to monitor conditions as water levels rise and fall on commonwealth waterways,” Gov. Wolf said. “State agencies are on alert in the event that state resources are needed in order to respond to incidents.”The Commonwealth Response Coordination Center at PEMA is staffed with additional personnel to monitor conditions and maintain situational awareness.“The barrage of rain and accompanying flooding in many parts of our state is putting a lot of stress and strain on Pennsylvanians,” Gov. Wolf said. “I want to reassure residents and businesses that I and the Pennsylvania Emergency Management Agency, local emergency responders, and state agencies are doing everything we can to assist.”PennDOT advised that the numerous roadways affected by flooding will remain closed until water recedes and roads can be checked for any damage. Motorists can see incident alerts – such as closures due to flooding – on more than 40,000 roadway miles by visiting www.511PA.com and clicking “Incidents.” 511PA, which is free and available 24 hours a day, provides traffic delay warnings, weather forecasts, traffic speed information, and access to more than 860 traffic cameras.511PA is also available through a smartphone application for iPhone and Android devices, by calling 5-1-1, or by following regional twitter alerts accessible on the 511PA website.As always, motorists should be alert and watch for standing water on roadways. They should never attempt to drive through flooded roadways. Motorists should be aware of the possibility of flooding throughout the afternoon and evening and be cautious as floodwaters and damaged roads may be more difficult to see at night.Follow PennDOT on Twitter at www.twitter.com/PennDOTNews and like the department on Facebook at www.facebook.com/PennsylvaniaDepartmentofTransportation and Instagram at www.instagram.com/pennsylvaniadot.The PUC continues to monitor utility storm response and outage reports, along with statewide forecasts. Heavy rains continue to cause isolated outages, especially in western and southwestern Pennsylvania.Rain associated with the current weather system will be moving out of Pennsylvania today and into this evening, but the flood threat continues through midweek on rising streams and creeks. Residents should continuously monitor local conditions; be alert for high water.“Thank you to the emergency responders for doing all that they can to help those affected by flooding and to keep people informed and safe,” Gov. Wolf said. “PEMA will work with local municipalities to develop damage assessments and address unmet needs. We continue to urge Pennsylvanians to monitor driving conditions to stay safe throughout the week.” Governor Wolf Provides Update on Weather-Related Flooding Responsecenter_img September 10, 2018last_img read more

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Lady Indians Victorious Over Lady Raiders In Softball

first_imgThe Milan Lady Indians shut out The South Ripley Lady Raiders 8-0 in Varsity Softball action.Milan vs. South Ripley Softball (5-5)Submitted by Milan Coaches Eric Widener and Yatzee Roysden with Max Preps.last_img

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City slip up at home.

first_imgThey sit bottom of Group E without a win.Chelsea slipped up as well as they drew 1-1 at Maribor.But Jose Mourinho’s men stay top of Group G. Manchester City’s hopes of reaching the Champions League knockout stages are in tatters this morning.They lost 2-1 at home to CSKA Moscow.Yaya Toure and Fernandinho were red carded.last_img

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Mata salvages draw as Man United open N. American tour

first_imgThe English Premiership giants pulled level 12 minutes from time after a cross from youngster Tahith Chong found Ander Herrera, whose header hit the post.The ball rebounded to Mata, whose volley snuck through the legs of substitute goalkeeper Oscar Jiminez.It was a lively start from both sides despite temperatures of 40 C in Phoenix. Anthony Martial was unlucky not to receive a penalty in the ninth minute after he appeared to be tripped in the area.Four minutes later the Frenchman fired a curling shot over the crossbar, and United came close again minutes later as Mata loosed a shot that bounced off the upright.Martial saw another shot tipped around the post, before America threatened at the other end — where Lee Grant, who started in goal for United, was called on to stop a shot from Club America’s Paul Aguilar.Manchester United were without a host of stars still resting after the World Cup in Russia, including Romelu Lukaku, Jesse Lingard and Marcus Rashford.David de Gea, Nemanja Matic and new signing Fred are expected to join the team next week, while Chilean Alexis Sanchez was thought to be arriving soon after resolving his visa issues.“We knew it was going to be difficult because they have been training for more weeks than us, so I think they are in a better condition,” Mata said. “Mexican teams are always intense, they press a lot, they are quick and they showed that today. But we managed to get one goal so we are happy with that.“We are also happy that there were no injuries and we will keep going in our process,” he added as United looked toward the next stop on their tour, against Major League Soccer’s San Jose Earthquakes on Sunday at Levi’s Stadium in Santa Clara, California.0Shares0000(Visited 1 times, 1 visits today) 0Shares0000Juan Mata of Manchester United takes photos with fans after their International Champions Cup game against the Club America, at the University of Phoenix Stadium in Glendale, Arizona, on July 19, 2018 © GETTY/AFP / Christian PetersenLOS ANGELES, United States, Jul 20 – Juan Mata grabbed the 78th minute equalizer as Manchester United opened their pre-season with a 1-1 draw against Club America on Thursday in Phoenix, Arizona.A header from Henry Martin in the 59th minute — past substitute goalkeeper Joel Pereira — had put Mexican outfit America in the lead at University of Phoenix Stadium.last_img read more

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