Market Prediction

JCI closed down again by negative 1.55% and breakdown to below the support level at 6,167. The stochastic indicator is moving bearish, MACD histogram is negative (line is weakening) and volume is down. If JCI does not return to level 6,167, it can continue down to our next support flow at the range of 6,069 - 6,090. Meanwhile, if it is able to return above level 6,167, there is potential to strengthen the immediate resistance at the range of 6,209 - 6,225.

From US stock market, investor concerns are still caused by the lockdown in Europe and US government policy to raise taxes which eventually weighed on Wall Street stock market.

Commodities Review

• Oil prices jumped about 6% after a ship ran aground on the Suez Canal in trading Wednesday (24/3). Concerns the incident could hamper crude oil shipments, provide a boost in prices after the decline over the past week.

Macro Economic News

• Producer Prices in South Korea increased to 105.85 points in February from 105.05 points in January of 2021.

• Annual inflation rate in the United Kingdom eased to 0.4% in February of 2021 from 0.7% in January, compared to market forecasts of 0.8 percent.

• New orders for US manufactured durable goods unexpectedly sank 1.1 percent month-over-month in February of 2021, compared to market forecasts of a 0.8 percent increase.

Corporate news

• PT Pool Advista Indonesia Tbk (POOL) stated that the company will establish new subsidiary entities in two different sectors to support the company's performance, which are PT Pool Konstruksi Terbarukan and PT Pool Energi Terbarukan.

• PT Puri Global Sukses Tbk (PURI) until the end of 2020 posted a profit attributable to the owners of the parent company of IDR 7.3 billion or a decrease of 38.85 percent compared to 2019's profit of IDR 11.9 billion.

• PT Petrosea Tbk. (PTRO) has signed an agreement between the company and PT Pusat Sarana Baruna (PSB), which is an affiliated transaction. This agreement is related to the provision of logistic services for the benefit of the Company in the Balikpapan area, which is located in the Interport Business Park with the aim of building strong synergies between affiliated companies.

• In the first two months of this year, PT Adhi Karya Tbk (ADHI) has booked a new contract of IDR 1.5 trillion. The acquisition of new contracts in February showed an increase of 37% compared to the previous month, in which ADHI already held IDR 1.1 trillion.

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