Market Prediction

JCI closed up 3.70% in the past week, one of which was the strengthening due to the release of manufacturing data for May period which was expansive above the previous level. In addition, the number of issuers paying dividends also boosted the index.

Meanwhile, JCI in today's trading actually has the potential to strengthen again. However, comments from the US finance minister, Janet Yellen, may weigh on the index today. Last night, Janet Yellen stated that Biden's aid policy would provide positive things for the US, although it would increase inflation and bring interest rates back to normal.

JCI closed down to 6,065 with a bearish candle. The stochastic indicator is in the overbought area, MACD histogram is moving positive (bullish line) and volume is falling. JCI failed to break or false break high at level of 6,061. If JCI moves bearish again, JCI may be corrected back to support at the range of 6,005 – 6,033. If it moves bullishly, JCI has the chance to strengthen again to the resistance at the range of 6,091 - 6,115.

Commodities Review

• Oil prices have soared this week. In fact, two types of oil hit their 2021 highs. Recovering demand countered concerns about the uneven rollout of Covid-19 vaccinations around the world. OPEC+ on Tuesday said it would stick to agreed supply curbs.

Macro Economic News

• The US economy added 559K jobs in May of 2021, above an upwardly revised 278K in April but below market forecasts of 650K.
• The US unemployment rate dropped to 5.8 percent in May 2021, the lowest since March 2020 and below market expectations of 5.9 percent, adding to signs that the job market consolidated its recovery as the economy further reopened.

Corporate news

• PT Sreeya Produce Tbk (SIPD) posted a positive sales performance throughout the first three months of 2021. Net sales were 13.31% year on year (yoy) from Rp 1.13 trillion in the first quarter of 2020 to Rp 1,28 trillion in the first quarter of 2021.
• PT Campina Ice Cream Industry Tbk (CAMP) posted net sales of Rp 232.76 billion in the first quarter of 2021. This number increased 9.88% year on year (yoy) compared to the company's net sales in the first quarter 2020 amounting to Rp. 211.83 billion.
• The performance of PT Blue Bird Tbk (BIRD) was still under pressure in the first quarter of this year. BIRD recorded revenue of Rp 480.05 billion or decreased by 45.76% from the first quarter of 2020 which reached Rp 885.18 billion.
• Throughout 2020, PT Pyridam Farma Tbk (PYFA) posted an increase in net sales of up to 12.25% year on year (yoy) to Rp 277.40 billion. Meanwhile, net profit up 136.59% yoy to Rp 22.10 billion.

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