Market Prediction

Overnight there was the release of minutes of the Federal Reserve Officials' meeting for April period. The minutes stated that US economic growth data still needs time to reach the target of Central Bank, although there is a concern that the inflation rate and the bond purchase program may start considering to be reducted later. Meanwhile, today, JCI has the opportunity to rebound after closed drop -1.27% yesterday.

JCI closed down approaching the support area. The stochastic indicator is weakening, MACD histogram is negative (line is weakening) and volume is down. If JCI moves bearish again, it can continue the test support at the range of 5,724 - 5,735. JCI has a chance to strengthen if it holds or does not breakdown below support. There is a potential for technical rebound to the resistance flow at the range of 5,817 - 5,828. Be careful in case of JCI breakdown below its support level, the medium-term downward trend will continue.

Commodities Review

• Gold Lifts in Early Deals. Gold added 2.03 points or 0.11% to 1871.606 in early Asian trade Thursday, following a dramatic reversal in the previous session, as investors weighed the latest comments from US Federal Reserve officials.
• Crude Oil Stabilizes. Crude oil prices stabilized in early APAC trade on Thursday, following declines of almost 3% in the previous session and holding near 3-week lows as fresh data showed that US crude oil inventories rose by 1.321 million barrels in the May 14th week, the largest increase in two months, according to the EIA Petroleum Status Report.

Macro Economic News

• Industrial production rose by 1.7 percent month-over-month in March 2021, compared with the preliminary figure of a 2.2 percent gain and after a final 1.3 percent drop a month earlier.
• Annual inflation rate in the UK increased to 1.5% in April of 2021 from 0.7% in March, and compared to market forecasts of 1.4%.

Corporate news

• PT Soho Global Health Tbk's revenue has dropped during the first three months of 2021. SOHO posted a net income of IDR 1.63 trillion or a decrease of 3.94% year on year (yoy).
• PT Repower Asia Indonesia Tbk (REAL) is able to maintain and maintain its performance throughout 2020, amidst the pressure and market decline due to the Covid-19 pandemic. Based on the 2020 financial reports, REAL managed to increase sales by 25.25% compared to the previous year (yoy).
• PT Mitra Investindo Tbk (MITI) signed a Principal Agreement with PT Pelayaran Samudra Karana Line (PSKL). This maintains the business continuity and growth of the company,
• PT Medikaloka Hermina Tbk. (HEAL) recorded good performance throughout 2020. Based on financial reports as of December 31, 2020, HEAL recorded revenues of IDR 4.41 trillion, an increase of 21.65 percent compared to 2019's performance of IDR 3.63 trillion.

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