Market Prediction

Today, JCI has the opportunity to rebound but JCI still in downtrend.

Meanwhile, Wall Street's stock market on Monday managed to close higher above 1%, this was driven by the release of strong US economic data where service industry activity data managed to recover and nonfarm payrolls data surged than expected.

In addition, on yesterday trading, bond yields were successfully muted, which led to an increase in the stock market.

JCI closed down with a bearish candle. Candle formation for a rally base rally (in a downtrend), which means that the potential for decline will continue. The stochastic indicator is weakening, MACD histogram is negative (line is weakening) and volume is down. If the index moves in the bearish candle, it can return to the test support levels at the range of 5,853 - 5,892. If it is able to strengthen, the resistance is at the range of 6,020 - 6,051.

Commodities Review

• Oil prices slumped in trading earlier this week due to OPEC+ policies increasing supply and higher Iranian production. This finally closed the positive sentiment that had previously emerged from signs rebound of a strong economic in United States (US) and hopes for a recovery in demand in 2021.

Macro Economic News

• The IHS Markit US Services PMI was revised higher to 60.4 in March 2021, from a preliminary estimate of 60.0 and above the previous month's reading of 59.8, signaling the fastest output growth since July 2014.
• New orders for US manufactured goods dropped by 0.8 percent from a month earlier in February 2021, the first decrease since April's record contraction and compared with market expectations of a 0.5 percent drop.
• Foreign Exchange Reserves in South Korea decreased to 446130 USD Million in March from 447560 USD Million in February of 2021.

Corporate news

• PT Sarana Meditama Metropolitan Tbk (SAME) posted an unsatisfactory performance throughout 2020. SAME scored a decrease in net income of up to 4.10% year on year (yoy) to Rp 507.62 billion. In the previous year,revenue was SAME's recorded at Rp 529.32 billion.
• The performance of Indika Energy Tbk (INDY) throughout 2020 was depressed. INDY posted a loss of US$ 117.54 million. This loss is up from the previous year's net loss of only US$ 18.16 million.
• PT Krakatau Steel Tbk (KRAS) increased its capital participation in PT Krakatau Tirta Industri (PT KTI) by Rp 798 billion. In total, Krakatau Steel's equity participation in Krakatau Tirta Industri will be Rp 818 billion.
• PT Elang Mahkota Teknologi Tbk (EMTK) succeeded in reversing its loss position to profit in 2020. Based on the company's financial report, the EMTK recorded revenues of IDR 11.93 trillion in 2020, up 8.21 percent compared to 2019's acquisition of IDR 11.03 trillion.

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