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855785-60325-751114-108612343543-1314722KOMENTAR PASARPeriode: Januari 2020Sentiment positif dating dari penandatangan kesepakatan dagang tahap I antara AS dan China yang terjadi pada Rabu 15 Januari 2020. Namun market dikejutkan dengan wabah virus korona di pertengahan bulan Januari, dimana WHO telah umumkan kondisi darurat global penyebaran virus korona yang menjadi ancaman global.Beberapa aktivitas di sektor real China terhenti yang akan memukul ekonomi China.Per 31 Januari 2020, DJIA bergerak turun -1%, Hangseng -6.7% dan Nikkei -1.9% dibandingkan bulan sebelumnya. Dari dalam negeri, data Trade Balance Indonesia per Dec-19 tercatat defisit US$28 juta (vs Nov-19 defisit US$1,3 miliar) atau lebih kecil dibandingkan konsensus yang memperkirakan defisit US$422 juta. Diharapkan neraca perdagangan dapat kembali membaik di tahun 2020 dan menjaga fundamental rupiah lebih baik.IHSG juga bergerak terkoreksi searah dengan market global di penutupan bulan Januari 2020 ini. IHSG ditutup di level 5.940 atau turun -5.7%periode 1 bulan terakhir. Semua sektor bergerak negative dimana sektor perkebunan -12.6%, property -10.4%, pertambangan -9.3%, basic-industry -9.3%, misc-industry -8.5%, infrastruktur -8.2%, perdagangan -6.1%, consumer -3.2%, dan perbankan -2.8%.-126607232489Pendapatan TetapIndeks return pasar obligasi mencatatkan kinerja negatif pada pekan kelima Januari. Indonesia Composite Bond Index (ICBI) menurun sebesar —0,19%wow ke level 281,1546. Penurunan ICBI lebih didorong oleh INDOBeXG-Total Return yang melemah sebesar —0,22%wow ke level 275,9794. Sedangkan kinerja INDOBeXC-Total Return dapat menguat sebesar +0,02%wow ke level 305,1984. Secara tahun berjalan ketiga indeks masih mencatatkan positive return yakni masing-masing +2,43%ytd (ICBI), +2,51%ytd (INDOBeXG-TR) dan +1,81%ytd (INDOBeXC-TR). Pasar obligasi bergerak negatif yang disebabkan oleh meningkatnya kekhawatiran akan wabah Virus Corona Baru yang semakin menyebar. Pekan ini pasar juga dibayangi dengan deadline resminya Inggris keluar dari Uni Eropa pada 31 Januari 2020. Sentimen lain yakni The Fed menyelenggarakan rapat FOMC yang mempertahankan FFR di kisaran level 1,50% — 1,75%.-798830-98742540460-1254418512543-63012MARKETS COMMENTARYPeriode: Januari 2020Positive sentiment came from the signing of a phase I trade agreement between the US and China that took place on Wednesday, January 15, 2020. But the market was shocked by the corona virus outbreak in mid-January, where the WHO has announced a global emergency state of the spread of the corona virus which is a global threat. Some activity in the Chinese real sector has stalled which will hit the Chinese economy.As of January 31, 2020, DJIA moved down -1%, Hangseng -6.7% and Nikkei -1.9% compared to the previous month.From within the country, Indonesia's Trade Balance data as of Dec-19 recorded a deficit of US $ 28 million (vs. Nov-19 deficit of US $ 1.3 billion) or smaller than the consensus that estimated a deficit of US $ 422 million. It is hoped that the trade balance can improve again in 2020 and maintain a better rupiah fundamentals.JCI also moved corrected in the direction of the global market at the close of January 2020. The Jakarta Composite Index closed at 5,940 or fell by -5.7% for the last 1 month period. All sectors move negatively where the plantation sector is -12.6%, property -10.4%, mining -9.3%, basic-industry -9.3%, misc-industry -8.5%, infrastructure -8.2%, trade -6.1%, consumer -3.2%, and banking -2.8%.-167067236861Fixed IncomeThe bond market return index posted a negative performance in the fifth week of January. Indonesia Composite Bond Index (ICBI) decreased by -0.19% wow to 281.1546. The ICBI decline was driven more by INDOBeXG-Total Return which fell by -0.22% wow to 275.9794. While the performance of INDOBeXC-Total Return can strengthen by + 0.02% wow to the level of 305.184. In the current year all three indices still recorded positive returns, each + 2.43% ytd (ICBI), + 2.51% ytd (INDOBeXG-TR) and + 1.81% ytd (INDOBeXC-TR).The bond market moved negatively due to growing fears of an increasingly widespread Corona Virus outbreak. This week the market is also overshadowed by the official deadline of the UK out of the European Union on January 31, 2020. Another sentiment namely the Fed holding a FOMC meeting that maintains FFR in the range of 1.50% - 1.75%.57482113359066 ................
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