Monthly Market Summary Mar 2024

In March 2024, overall inflation increased from 2.75% YOY in February 2024, to 3.05% YoY. Bank Indonesia maintains its interest rate policy at 6% in March 2024. The fiscal balance shows a lower YTD fiscal surplus in March 2024, reaching 23 trillion Rupiah or 0.1% of GDP. The yield curve for Indonesian Government Bonds in USD decreased in line with movements in US Treasury, resulting in the yield curve becoming flat, with the 10 year tenor yield falling by 5%. From the stock market, JCI experienced a decline of 0.73%, while MSCI ID experienced a decline of 0.18%. Along with the gradual recovery of commodity prices, improving liquidity and certainty about the sustainability of government policies, we maintain a positive outlook on the stock market with a target of IDR 7,850 by the end of 2024. See more in this video.