Market Prediction
In 4 trading days this week, JCI was closed in the red zone in a row due to pessimism from market players regarding Indonesia's first quarter economic growth, which seems to be in a state of crisis or negative growth.
As for overnight trading, Wall Street compact stock market closed higher supported by the release of data that stated the drop in numbers of US unemployment.
On this day, JCI has the opportunity to rebound.
JCI closed down again and touched the support flow yesterday. The stochastic indicator is moving bearish and entering the oversold area, MACD histogram is negative (line is weakening) and volume is increasing. If JCI returns to the bullish candle, there is a potential to strengthen up to the closest resistance at the range of 6,167 - 6,176. If it is bearish again, there is a chance to test the support again at the range of 6,049 - 6,058.
Commodities Review
• Copper prices have been corrected for another two days in a row in line with a drop in orders for durable goods from US that sparked concerns over the demand outlook.
Macro Economic News
• The number of Americans filing for unemployment benefits dropped to 684 thousand in the week ended March 20th, its lowest since the pandemic hit the labor market in March 2020 and well below market expectations of 730 thousand, adding to signs of a gradual job recovery.
• Money Supply M2 in Indonesia decreased to 6761000 IDR Billion in January of 2021 from 6900000 IDR Billion in December of 2020.
• The US economy expanded an annualized 4.3% on quarter in Q4 2020, higher than 4.1% in the second estimate, mainly due to an upward revision to private inventory investment that was partly offset by a downward revision to nonresidential fixed investment.
Corporate news
• PT Indo Straits Tbk (PTIS) established a new subsidiary which is engaged in the mining services business under the name PT Straits Mining Services on Tuesday (23/3).
• PT Baramulti Suksessarana Tbk (BSSR) managed to maintain performance laba net totaled US$ 30.52 million in 2020, a slight increase of 0.17% compared to the net profit of the company in 2019 amounted to US$ 30.46 million.
• PT Mitrabara Adiperdana Tbk (MBAP) recorded a decline in performance in 2020. MBAP recorded revenues of US$ 260.84 million in 2019. This means that there was a decrease of 22.86% on an annual basis or year-on-year (yoy) in MBAP's revenue.
• PT DCI Indonesia Tbk (DCII) scored performance growth over the past year. DCII pocketed revenue of IDR 759.37 billion, an increase of 55.01% from 2019 valued at IDR 489.86 billion.
• The performance of PT Alkindo Naratama Tbk (ALDO) in 2020 tends to be stable. Based on the company's financial reports, ALDO's net sales grew slightly 0.82% to Rp 1.1 trillion at the end of last year, from Rp 1.09 trillion in 2019.
PT Kiwoom Sekuritas Indonesia (KSI)
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Website : www.kiwoom.co.id
