Market Prediction

JCI is predicted to move lower today, negative sentiment comes from the negative projection for domestic economic growth.

In addition, Wall Street closed drop overnight due to the potential for a third wave of the spread of Covid-19 infection.

JCI closed down again with a bearish candle. The stochastic indicator is moving bearish, MACD histogram is negative (line is weakening) and volume is increasing. If JCI does not return to level 6,268, it can continue down to our next support flow at levels of 6,184 - 6,223. If JCI is able to strengthen, the resistance should be at the range of 6,298 - 6,312.

Commodities Review

• Oil prices fell about 6% on Tuesday (23/3). Concerns over the pandemic's new curbs and the slow roll-out of vaccines in Europe are adding to excessive nervousness.

Macro Economic News

• The number of people claiming for unemployment benefits in the UK increased by 86.6 thousand to 2.7 million in February of 2021, the biggest rise since last May, following an upwardly revised 20.8 thousand decrease in January.

• The number of people in work in the UK fell by 147,000 on quarter to 32.37 million in the three months to January of 2021, less than forecasts of a 167 thousand fall.

• US current account gap widened by $7.6 billion to $188.5 billion in Q4 2020, which is equivalent to 3.5% of the GDP. It is the biggest current account gap since Q2 2007 as the goods deficit widened and the services surplus declined.

Corporate news

• PT Sumber Energi Andalan Tbk (ITMA) established a subsidiary named PT Andalan Group Power (AGP). The purpose and objective of establishing AGP is to engage in head office activities and management consulting activities.

• PT Duta Pertiwi Tbk (DUTI) took over shares in PT Itomas Kembangan Perdana with a transaction value of Rp 293.25 billion.

• PT Protech Mitra Perkasa Tbk (OASA) still bears comprehensive losses attributable to owners of the parent company for the 2020 financial statements to IDR 20.77 million from IDR 1.67 billion in the previous year.

• PT Hanjaya Mandala Sampoerna Tbk (HMSP) until the end of 2020 recorded a net profit of IDR 8.581 trillion, down 37.95 percent compared to the end of 2019, which recorded a net profit of IDR 13.721 trillion.

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