Market Prediction

Today, JCI was overshadowed by negative sentiment from external and internal factors in the country.

From internal factors, Bank Central has revised its domestic economic growth projection to 4.1% - 5.1% from the previous 4.3% - 5.3%. In addition, Bank Central Indonesia announced that it will set the benchmark interest rate to stagnate at the level of 3.50%.

As for external factors, the increase in cases of Covid has suppressed the movement of global stock exchanges this morning.

JCI closed down with a bullish candle. The stochastic indicator is deadcross, MACD histogram is moving positive again (line golden cross) and volume decreases. If JCI does not fall below level 6,029 and in bullish candle, there is a potential to strengthen up to the resistance levels of 6,079 - 6,096. Meanwhile, if the bearish candle moves again, JCI can return to test support levels at 5,997 - 6,018.

Commodities Review

• Gold prices rose on Tuesday (20/4). The gains in US Treasury yields stalled and the dollar stabilized near multi-week lows.

Macro Economic News

• The People's Bank of China (PBoC) left its benchmark interest rates for corporate and household loans steady for the twelfth straight month at its April fixing, in line with market consensus, as the economy continues to recover from the downturn caused by the COVID-19 shocks.
• The number of people claiming unemployment benefits in the UK increased by 10.1 thousand in March of 2021, following an 86.6 thousand surge in February which was the highest since last May.
• The value of loans in Indonesia decreased 4.13 percent in March of 2021 over the same month in the previous year.

Corporate news

• Sales of the Komatsu heavy equipment owned by PT United Tractors Tbk (UNTR) are starting to show improvement. UNTR posted sales of 688 units of Komatsu heavy equipment during the first three months of 2021. This realization increased 11.5% from sales of heavy equipment in the same period the previous year which was only 617 Komatsu units.
• PT Ace Hardware Indonesia Tbk (ACES) will add new outlets tomorrow Thursday (22/4). ACES will add a new outlet in Yogya Lembang Junction, Bandung, West Java. The third new outlet during 2021 has an area of up to 900 square meters.
• The performance of PT Astra Otoparts Tbk (AUTO) in the first quarter of 2021 is still quite encouraging, recording a revenue of Rp 3.62 trillion. In fact, in the same period last year, the company managed to earn Rp 3.84 trillion in revenue.
  
• PT. Mandom Indonesia Tbk (TCID) plans to take over (acquisition) of 225,647,483 shares of PT Alliance Cosmetics (PTA), a company engaged in the trading of cosmetics.

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