JCI Might Move Up Today
US stocks closed mixed on Monday (8/21): Dow Jones -0.11%, S&P 500 +0.69%, and Nasdaq +1.56%. Despite the 10-year Treasury yield reaching its highest level since November 2007, both the broad market index and the technology-focused Nasdaq achieved gains. The rebound of tech shares amid rising yields on Monday is noteworthy for the market, given the historical challenges that tech shares typically face in high-interest rate environment. The UST 10Y yield rose +0.085bps (+2.00%) to 4.34%, while the USD Index fell -0.07% to 103.3.
Commodity market was quite mixed: WTI oil -0.39% to USD 80.93/bbl, coal -0.17% to USD 149.5/ton, nickel -0.07% to USD 20,155.5, CPO +1.97% to MYR 3,922, and gold +0.4% to USD 1,924.1/toz.
Asian markets closed mixed; Nikkei +0.4%, Hang Seng -1.8%, and Shanghai -1.2%. JCI ended yesterday’s session at 6,866 (+0.1%), with foreign investors recording an overall net sell of IDR 2307.9 billion; IDR 219.4 billion in the regular market, and IDR -2527.3 billion in the negotiated market. The largest foreign outflow in the regular market was recorded by BBCA (IDR 199.5 billion), followed by BBRI (IDR 137.1 billion), and GOTO (IDR 127.5 billion). The largest foreign inflow in the regular market was recorded by BRMS (IDR 189.9 billion), followed by BUMI (IDR 184.6 billion), and BMRI (IDR 127 billion). Top leading movers were BYAN, BRMS, and BMRI, while the top lagging movers were GOTO, BBRI, and BBCA.
Both Nikkei (+0.92%) and KOSPI (+0.97%) opened higher this morning. We expect the JCI to move up today, given positive sentiments from global and regional markets.