US stocks closed lower on Friday (5/12); Dow Jones -0.03%, S&P 500 -0.16%, and Nasdaq -0.35%. The market struggled as worries regarding the state of the US economy (fueled by lower-than-expected preliminary reading on University of Michigan’s consumer sentiment index and uncertainty regarding US debt ceiling, among others) hurt investor sentiment. The UST 10Y yield rose +2.71% to 3.446%, and the USD index went up +0.63% to 102.7.

 

Commodity market was quite mixed on Friday (5/12); WTI oil -0.01% to USD 74.4/bbl, Brent -1.89% to USD 70.1/bbl, coal +1.17% to USD 165/ton, nickel +1.51% to USD 21.913, CPO +1.17% to MYR 3,646, and gold -0.06% to USD 2.021/toz.

 

Asian markets closed mostly lower on Friday; Kospi -1.47%, Nikkei +0.9%, Hang Seng -0.59%, and Shanghai -1.73%. JCI fell -0.71% to 6,707.9, with foreign investors recording an overall net sell of IDR 960.9 billion; IDR 902.5 billion in the regular market, and IDR 58.6 billion in the negotiated market. The largest foreign inflow in the regular market was recorded by GOTO (IDR 156.3 billion), BRIS (IDR 30 billion), and MDKA (IDR 29.2 billion). The largest foreign outflow in the regular market was recorded by TLKM (IDR 482 billion), BMRI (IDR 261.6 billion), and BBCA (IDR 123.9 billion). The top leading movers were AMRT, ARTO, and MIKA, while the top lagging movers were TLKM, BMRI, and BYAN.

 

Nikkei went up +0.53% this morning, while KOSPI fell -0.27%. We expect the JCI to move sideways today, given mixed sentiment from regional markets