Market Prediction

Today, JCI technically has the probability to strengthen. However, some Asian stock markets this morning opened in negative area. Negative sentiment regarding bond yields remains a concern for the market, where last night US released higher than expected inflation data.

JCI closed down with a bearish candle. The stochastic indicator is dead cross, MACD histogram is negative (line is weakening) and volume is down. There is a chance to strengthen because it is able to survive or not breakdown to below support. JCI has the potential to strengthen up to our resistance flow at the range of 5,957 - 5,982. Meanwhile, if JCI is in bearish candle again, JCI may return to test support at the range of 5,853 - 5,883.

Commodities Review

• Gold prices soared after being at the lowest level in one week. Gold's advantage came after data showed a sharp increase in inflation in the United States (US) which supports the attractiveness of gold as a hedge against inflation.
• Oil prices rose, amid optimism over the rate of coronavirus vaccination in the United States, and after the Yemen-based Houthi movement said it fired missiles at Saudi oil sites.

Macro Economic News

• The UK trade deficit rose to GBP 7.1 billion in February of 2021 from an upwardly revised GBP 3.4 billion in the prior month.
• China's trade surplus narrowed to USD 13.8 billion in March 2021, from USD 20.0 billion in the same month of the previous year and far below market expectations of USD 52.05 billion, amid an improving global demand and higher commodity prices.
• The annual inflation rate in the US jumped to 2.6% in March of 2021 from 1.7% in February, slightly above market forecasts of 2.5%.

Corporate news

• PT Ekadharma International Tbk (EKAD) posted financial income of IDR 8.59 billion in 2020 or an increase of 145.42% (yoy) compared to the company's financial income in 2019 of IDR 3.50 billion.
• PT Malindo Feedmill Tbk (MAIN) experienced a decline in performance in 2020 MAIN's revenue fell 6% (yoy) to IDR 7 trillion at the end of 2020. In the same period, MAIN had to suffer a net loss of IDR 38.83 billion, even though in In 2019, the issuer received a net profit of Rp. 152.48 billion.
• PT Indo Acidatama Tbk (SRSN) until the end of 2020 recorded a profit for the year of IDR 44,152 billion or grew by 3.8 percent by the end of 2019, which recorded a net profit of IDR 42,829 billion.
• PT Fast Food Indonesia Tbk. (FAST), is facing the problem of workers' protests regarding the policy of cutting wages. Until now, FAST has not released its performance as of December 2020. Based on the company's financial statements as of September 2020, FAST posted a loss for the current period of IDR 298.33 billion.

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