{"id":2643,"date":"2021-08-03T13:26:17","date_gmt":"2021-08-03T06:26:17","guid":{"rendered":"https:\/\/star-am.com\/?p=2643"},"modified":"2023-08-22T03:05:18","modified_gmt":"2023-08-22T03:05:18","slug":"star-insight-market-update-02-agustus-2021","status":"publish","type":"post","link":"https:\/\/star-am.com\/id\/2021\/08\/03\/star-insight-market-update-02-agustus-2021\/","title":{"rendered":"STAR Insight, Market Update 02 Agustus 2021"},"content":{"rendered":"

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

No sign of Fed’s tapering yet<\/b><\/p>\n

    \n
  • US GDP came in below expectation, stock market down<\/b><\/li>\n
  • No timeline for tapering caused Dollar value to drop<\/b><\/li>\n
  • JCI corrected; bond yield remained muted last week<\/b><\/li>\n<\/ul>\n

    DJIA and S&P500 weakens as GDP came in below expectation<\/b><\/span><\/p>\n

    US GDP growth for the second quarter of 2021 was recorded at 6.0%, better than the prior period of 4.3%, and consensus expectation of 5.4%. However, <\/span>the annualized QoQ figure of 6.5% came in below the consensus expectation <\/span>of 8.4%. With this announcement, S&P 500 and Dow Jones were moderately <\/span>down by 60bps for the week. Consumer Discretion and Communication <\/span>sectors led the negative performance on S&P500, these sectors were down <\/span>3.31% and 1.66%, respectively. US Dollar index was slightly down last week, <\/span>decreased by 0.5%, while 10Y treasury yield was down 5.4bps to 1.22%. US <\/span>Dollar and treasury yield eased after the Federal Reserve fails to provide the <\/span>timeline for tapering Fed asset purchases.<\/span><\/p>\n

    The Fed fails to set the timeline for tapering, Dollar value dipped<\/b><\/span><\/p>\n

    The dollar eased on Wednesday after the U.S. Federal Reserve said the economic recovery is on track despite a rise in COVID-19 infections in a <\/span>policy statement that was upbeat but did not set a timeline for tapering Fed <\/span>asset purchase. Fed policymakers also said they were moving ahead with <\/span>discussions about when to reduce the central bank’s $120 billion in monthly <\/span>bond purchases, a precursor to eventually raising interest rates. The dollar <\/span>index, which measures the greenback against a basket of six currencies, <\/span>was 0.149% lower at 92.324, easing off after initially spiking up to 92.766 <\/span>after the Fed statement was released. The greenback has rallied for the past <\/span>month, with the dollar index up about 2.3% since a hawkish shift from the <\/span>U.S. central bank in its June meeting. Elsewhere, the British pound was up <\/span>0.15% at 1.3904, holding near a two-week high, with analysts attributing its <\/span>firm tone to COVID-19 cases in Britain declining over the past seven days.<\/span><\/p>\n

    JCI<\/span> corrected as foreign investors recorded a net sell<\/span>
    \n<\/b><\/p>\n

    As COVID-19 cases remained high in Indonesia, averaging 40,262 new cases per day (1-week data on Friday), JCI was slightly down by 0.6% last <\/span>week, with consumer non-cyclical (-4.35%) and healthcare (-2.42%) sectors <\/span>led the negative performance. There was no significant data announced last <\/span>week. We view that JCI slightly slumped last week partly caused by slow <\/span>improvement on COVID-19 cases and limited domestic sentiments. Foreign <\/span>investors recorded a net sell of Rp621.2bn in the regular market with the <\/span>biggest net-sell on BBCA (Rp326.5bn), PGAS (Rp220.2bn), ANTM <\/span>(Rp208.2bn), and TOWR (Rp188.1bn).<\/span><\/p>\n

    On the bond market, Indonesia’s 10Y government bond yield was slightly <\/span>down by 1.0bps while foreign investors were relatively passive last week with <\/span>minor net-sell of around Rp20bn.<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div>

    <\/div><\/div><\/div><\/div><\/p>\n","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-2643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update"],"acf":[],"yoast_head":"\nSTAR Insight, Market Update 02 Agustus 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\/id\/2021\/08\/03\/star-insight-market-update-02-agustus-2021\/\" \/>\n<meta property=\"og:locale\" content=\"id_ID\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"STAR Insight, Market Update 02 Agustus 2021 - Star Asset Management\" \/>\n<meta property=\"og:url\" content=\"https:\/\/star-am.com\/id\/2021\/08\/03\/star-insight-market-update-02-agustus-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Star Asset Management\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-03T06:26:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-22T03:05:18+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\/08\/03\/star-insight-market-update-02-agustus-2021\/\",\"url\":\"https:\/\/star-am.com\/en\/2021\/08\/03\/star-insight-market-update-02-agustus-2021\/\",\"name\":\"STAR Insight, Market Update 02 Agustus 2021 - 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