{"id":2557,"date":"2021-07-13T10:40:53","date_gmt":"2021-07-13T03:40:53","guid":{"rendered":"https:\/\/star-am.com\/?p=2557"},"modified":"2023-08-22T03:13:38","modified_gmt":"2023-08-22T03:13:38","slug":"star-insight-market-update-12-juli-2021","status":"publish","type":"post","link":"https:\/\/star-am.com\/en\/2021\/07\/13\/star-insight-market-update-12-juli-2021\/","title":{"rendered":"STAR Insight, Market Update 12 July 2021"},"content":{"rendered":"

<\/span><\/div><\/div><\/div>

JCI flat despite rising Covid-19 cases<\/b><\/p>\n

    \n
  • US equity market remained on an uptrend
    \n<\/b><\/li>\n
  • US companies\u2019 earnings growth were likely peaking in 2Q21<\/b><\/li>\n
  • Indo equity and bond market remained unaffected by rising Covid-19 cases<\/span><\/b><\/li>\n<\/ul>\n

    S&P500 hit another new high<\/b><\/p>\n

    S&P500 rose 0.4% and DJIA up 0.24% last week as jobless claims are <\/span>higher than expected, edging up in the first week of July, though remained <\/span>near the pandemic low. Jobless claims in the first week of July \u201821 were <\/span>recorded at 373k, higher than the previous week of 364k and consensus of <\/span>350k. S&P500 was closed at a new record last Friday with gain for the week <\/span>was led by real estate, consumer discretionary, and utility sectors. US Dollar <\/span>index corrected by 0.3% following 2.9% gain recorded in June. US 10Y <\/span>Treasury yield dropped 6.4bps last week due to unappealing labor data and <\/span>expectation that growth momentum would fade partly caused by the second <\/span>wave of Covid-19 pandemic. <\/span><\/p>\n

    \u00a0<\/span><\/p>\n

    US companies\u2019 earnings growth is expected to be slower in 2H21<\/b><\/span><\/p>\n

    Investors are expecting earnings results of US companies for the second <\/span>quarter this year, some expect that the recent economic surge is already <\/span>waning. Earnings growth in the second quarter is expected to be the peak <\/span>given the low base from last year, while in the upcoming quarters, unexciting <\/span>labor data and the second wave of the pandemic from the new variants might <\/span>tamper growth momentum. In the US equity market, the industrials, <\/span>consumer discretionary, energy, and materials sectors are expected to post <\/span>the biggest year-over-year profit gains. However, as growth is expected to <\/span>be slower in the upcoming quarters, the US stock market recorded a selloff <\/span>in financials, energy, and other sectors which are tied to the economic <\/span>recovery.<\/span><\/p>\n

    Indo equity and bonds were slightly up despite the second wave of <\/span>the pandemic hit hard<\/span><\/b><\/p>\n

    Despite Covid-19 cases in Indonesia hit a new record of 38.4k new cases on <\/span>Thursday last week with a weekly average of 34.4k new cases per day, JCI <\/span>managed to move up slightly by 0.28% with the technology (+4.7%) and <\/span>healthcare (+4.2%) industries are leading the positive result. Foreign <\/span>investors recorded a net sell of Rp223bn in the regular market with the <\/span>biggest net-sell on BMHS (Rp298bn), BBRI (Rp214bn), BFIN (Rp204bn), <\/span>and BBCA (Rp172bn). Note that financials (-0.47%), industrials (-2.08%), <\/span>and consumer non-cyclical (-2.69%) sectors posted negative performance <\/span>last week.<\/span><\/p>\n

    On the bond market, Indonesia\u2019s 10Y government bond yield went down by <\/span>2.7bps as foreign investors recorded a Rp2.58tn net-buy to the Indonesian <\/span>government bond market last week. Please note that despite rising Covid19 cases, Indonesia\u2019s 10Y government bond yield had dropped 24.1bps from <\/span>the YTD peak of 6.8% in February.<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div>

    <\/div><\/div><\/div><\/div><\/p>","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":1619,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update"],"acf":[],"yoast_head":"\nSTAR Insight, Market Update 12 Juli 2021 - Star Asset Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/star-am.com\/en\/2021\/07\/13\/star-insight-market-update-12-juli-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"STAR Insight, Market Update 12 Juli 2021 - Star Asset Management\" \/>\n<meta property=\"og:url\" content=\"https:\/\/star-am.com\/en\/2021\/07\/13\/star-insight-market-update-12-juli-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Star Asset Management\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-13T03:40:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-22T03:13:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/star-am.com\/wp-content\/uploads\/2023\/08\/Rectangle-3-2.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"770\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"IT Admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"IT Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/star-am.com\/en\/2021\/07\/13\/star-insight-market-update-12-juli-2021\/\",\"url\":\"https:\/\/star-am.com\/en\/2021\/07\/13\/star-insight-market-update-12-juli-2021\/\",\"name\":\"STAR Insight, Market Update 12 Juli 2021 - 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