Market Prediction

The sentiment that drives the market today seems to come from external factors. Overnight the results of the Fed minutes were announced, though nothing new happened and still matched the previous results. The Fed officials said they will continue to enforce bond purchases to support the full economic recovery.

Quantitative Easing is planned to continue until the inflation and employment targets are achieved.

JCI closed higher with a bullish candle. The stochastic indicator is bullish, MACD histogram is going positive (line is weakening) and volume is increasing again. JCI has potential to strengthen to test levels at 6,051 - 6,058, if JCI is able to break up, there is a chance to continue to level of 6,104. If it moves bearish and unable to hold above level 6,023, JCI may return to test support at the range of 5,983 - 6,008.

Commodities Review

• The price of crude palm oil (CPO) moved up again and reached its highest level since March 25. This was supported by higher exports from Malaysia during Ramadan and the rally in prices for oil and soybean oil.

Macro Economic News

• Foreign Exchange Reserves in Indonesia decreased to USD 137095 Million in March from USD 138787.35 Million in February of 2021.
• The trade deficit in the US widened for the second month to USD 71.1 billion in February of 2021 from a revised USD 67.8 billion in the previous month, slightly above market expectations of a USD 70.5 billion gap.

Corporate news

• PT Berkah Beton Sadaya (BEBS) recorded positive performance throughout 2020 with a net profit of IDR 20.79 billion. This achievement has increased significantly when compared to the same period last year. In 2019, BEBS's net profit only reached IDR 221.23 million.
• PT Bank Pembangunan Daerah Banten Tbk (BEKS) throughout 2020, posted net loss of IDR 308.15 billion. This condition is worse than 2019 which lost IDR 137.55 billion.
• PT Ultrajaya Milk Industry & Company (ULTJ) throughout 2020 pocketed a net profit of IDR 1.099 trillion. It grew 6.49 percent from the same period in 2019 in the range of IDR 1.032 trillion.
• PT Metropolitan Land Tbk (MTLA) throughout 2020 which posted revenues of IDR 1.11 trillion or a decrease of 20.88 percent compared to 2019 worth IDR 1.40 trillion.

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