Market Prediction

Today, JCI has the opportunity to rebound. As for Asian stock exchanges, such as Kospi, ST-Times and Nikkei indexes, all of them were successfully opened at a higher rate this morning.

On the other hand, yesterday JCI closed with a 2.00% drop, due to the depreciating value of rupiah and an increase in yields on 10-year bonds that jumped quite significantly.

JCI closed down with a bearish candle. The stochastic indicator is deadcross, MACD histogram is negative (sloping line) and volume is down. If it moves bearish and breaks down below level 5,944, JCI can continue the test support at the range of 5,853 - 5,892. If it is able to strengthen, the resistance levels are at 5,982 - 6.008.

Commodities Review

• Crude oil prices strengthened. The gain occurred due to expectations that fuel demand will increase in the United States (US) as the driving season that occurs in the summer draws closer.
• Copper prices slipped on Monday on worries that top metals consumer China wants to put a lid on surging commodity prices to head off potential inflation. Concern about faltering demand and rising copper inventories also weighed on the market.

Macro Economic News

• Retail sales in Indonesia plunged by 18.1 percent year-on-year in February 2021, after tumbling by 16.4 percent a month earlier.
• Eurozone's retail trade rose 3.0 percent from a month earlier in February 2021, rebounding from a 5.2 percent slump in January and compared with market expectations of 1.5 percent growth. Sales of non-food products jumped 6.8 percent, partially recovering from a 9.9 percent contraction in the previous month, with on-line trade advancing only slightly by 0.4 percent (vs 6.0 percent in January).

Corporate news

• The performance of PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM) was under pressure throughout 2020. TKIM posted revenues of US $ 866.45 million. This realization decreased by 17.25% from the realization of net income in the 2019 period which reached US $ 1.04 billion.
• PT Supreme Cable Manufacturing & Commerce Tbk (SCCO) experienced a decline in financial performance throughout 2020.revenue was SCCO's recorded at IDR 4.62 trillion in 2020 or a decrease of 18.94% (yoy) compared to actual revenue in 2019 of IDR 5.70 trillion.
• The performance of PT Pakuwon Jati Tbk (PWON) throughout 2020 was unsatisfactory. The corona virus pandemic (Covid-19) that hit Indonesia caused the company's net income to fall 44.72% to Rp 3.98 trillion last year.
• PT Wijaya Karya (Persero) Tbk (WIKA) posted a new contract value of IDR 4.6 trillion by the end of March 2021. The realization has increased by 85.48 percent compared to the achievement in the same period last year of IDR 2.48 trillion.
• PT Indika Energy Tbk. (INDY)) is building a Solar Power Plant (PLTS) project in its subsidiary, PT Kideco Jaya Agung (Kideco), in Paser, East Kalimantan. This is done to support the development of the new and renewable energy (EBT) sector in Indonesia and serve as a pilot for other projects in the future.

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