Market Prediction

In today's trading, JCI has a chance to rebound although it is limited.

The movement of JCI seems to be overshadowed by market concerns regarding the possibility of US economic policies being normalize.

On the other hand, the majority of Asian stock markets opened in the negative zone this morning. The movement of the stock market today seems to be inclined to wait and see for the release of US inflation data tomorrow.

JCI closed down and formed a swing high. The stochastic indicator is bearish, MACD histogram is moving positive but down (bullish line) and volume is increasing. JCI is expected to continue its decline to support at 5,947 (close the gap) and support II at 5,936. If it moves bullishly, JCI has the chance to strengthen again to the resistance levels of 6,031 - 6,043.

Commodities Review

• Crude oil prices continued their rally and closed above 1% to reach their highest level in more than two years after the top US diplomat said that if the nuclear deal with Iran was rereached, hundreds of US sanctions against Tehran would remain in effect. This means that the additional supply of Iranian oil will not immediately apply to the global market.

Macro Economic News

• Japan's current account surplus soared to JPY 1,321.8 billion in April of 2021 from JPY 206.47 billion in the same month of the previous year and compared with market expectations of a surplus of JPY 1,500.6 billion.
• Foreign Exchange Reserves in Indonesia decreased to 136400 USD Million in May from 138800 USD Million in April of 2021.
• The US trade gap narrowed to $68.9 billion in April of 2021 from a record high $75 billion gap in March and in line with market expectations.

Corporate news

• PT Betonjaya Manunggal Tbk (BTON) posted an increase in sales performance in the first quarter of 2021. BTON managed to record net sales of Rp 33.08 billion, an increase of 25.71% from the realization of net sales in the first quarter of 2020 of Rp 26.31 billion.
• PT Pinago Utama (PNGO) during the first quarter of 2021 achieved a net profit of IDR 63.755 billion. An increase of 193.54 percent compared to the same period in 2020, which was recorded at IDR 21.728 billion.
• Connery Asia Limited purchased shares of PT Multipolar Tbk. (MLPL) of 1.05 billion shares with a transaction value of Rp 582.75 billion or equivalent to 7.2 percent.
• Based on the financial statements as of March 31, 2021, PT Pakuwon Jati Tbk (PWON) recorded a profit up 53 percent compared to the same period last year of Rp 66.76 billion.

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