Market Prediction

Today, JCI has the opportunity to continue strengthening. However, technically, JCI has a gap area at the level of 5,963.

Indonesia's economic growth data for the first quarter of 2021, amounted to -0.74%, this figure is better than the previous estimate of -1%. This decline is due to the low contribution of household consumption. However, not all segments experienced a decline, for example, exports managed to grow 6.74% yoy, and imports grew 5.27% yoy.

JCI closed higher with a bullish candle. The stochastic indicator is neutral, MACD histogram is positive (line flat) and volume is down again. JCI is expected to weaken towards the gap area at level of 5,963, if it can’t hold above that level, it can continue towards the support at the range of 5,911 - 5,932. If JCI is able to be bullish again, there is a chance to strengthen towards the resistance levels of 6,004 - 6,019 and it is able to breakup to level 5,992.

Commodities Review

• Crude Oil price closed down at the end of trading, after two days of winning streaks despite the depletion of US crude oil stocks. The decline in prices was influenced by the market considering the prospect of demand with Corona virus infections which are still surging around the world.
• Tin prices are expected to continue to soar this year, after having broken through to their highest level due to depletion of reserves for this commodity. The issue of low tin supply has triggered an increase in tin prices so that the super tension in the tin market continues to roll.

Macro Economic News

• Indonesia's economy contracted 0.96% qoq in Q1 2021, compared with market consensus of a 1.04% decline and after a 0.42% fall in Q4.
• The IHS Markit US Composite PMI was revised higher to 63.5 in April of 2021 from a preliminary estimate of 62.2 and above March's 59.7, to signal the sharpest upturn in private sector output since data collection began in October 2009.

Corporate news

• PT Semen Indonesia Tbk (SMGR) recorded a cement sales volume of 9.69 million tons during the first quarter of 2021. This realization was up 2.1% from SMGR's sales volume in the same period last year of 9.49 million tons.
• During the first quarter of 2021, PT PP Tbk (PTPP) has obtained a new contract of Rp 2.5 trillion.
• PT Saraswanti Anugerah Makmur Tbk (SAMF) posted revenue of Rp 296.72 billion during the first three months of 2021. This realization was up 14.03% from the revenue in the same period the previous year of Rp 260.22 billion.
• PT Indosat Tbk (ISAT Tbk (ISAT) plans to release 4,247 telecommunication towers to PT Epid Menara Assetco (EMA). It is done through a fair auction process. Then lease back the 4,085 towers, and lease out 680 of the company's land, where some of the towers were built by PT EMA.

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