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10 Jun 2021

Market Prediction

In yesterday's trading, JCI managed to rebound with positive 0.80%. Meanwhile, the majority of Asian stock markets opened in the positive zone this morning.

Market participants are still for the release of US inflation, this is because there are concerns that maybe if US inflation gets overheating, the Fed may be ready to start communicating strategies for reducing its stimulus.

Several central banks have already begun to respond, such as Canada, Norway, New Zealand and South Korea. Some of these countries have given strong indications there will be tightening in policy starting to be discussed due to improving conditions.

On the other hand, developing countries have the potential to face considerable risks if these countries have not been able to recover and being compared for conditions in several other countries that have begun to improve.

JCI closed higher with a bullish candle. The stochastic indicator is bearish, MACD histogram is moving positive (bullish line) and volume is down. If it moves bullishly, JCI has the chance to strengthen again to the resistance levels of 6,088 - 6,115. If JCI moves bearish, it may fall to the support at the range of 5.972 - 5,992.

Commodities Review

  • Crude oil prices closed lower in the previous session after data on US gasoline inventories showed a spike on weak fuel demand after the US Memorial Day weekend, which is usually the start of the peak summer driving season.
  • Gold prices held in a tight range below the level of US$ 1,900 per troi ounce at the end of the session as investors awaited inflation data from the United States (US). Market participants are also waiting for the European Central Bank (ECB) meeting to look for clues on the direction of monetary policy and future economic support measures.

Macro Economic News

  • Indonesia's consumer confidence index increased 2.9 points to 104.4 in May from 101.5 in the previous month, amid hopes of the end of the pandemic as the rollout of COVID-19 vaccines accelerate.
  • China's annual inflation rate jumped to 1.3% in May 2021 from 0.9% a month earlier and compared with market consensus of 1.6%.
  • South Korea’s economy advanced 1.9 percent year-on-year in the first quarter of 2021, rebounding from a 1.1 percent contraction in the previous period and higher than a preliminary estimate of 1.9 percent.

Corporate news

  • PT Gunung Raja Paksi Tbk (GGRP) posted a net profit of US$ 7.40 million in the first quarter of 2021, up 687.27% from the realization of net profit in the same period the previous year which was only US$ 940,358.
  • Throughout the first quarter of 2021, PT PP (PTPP) recorded a net profit of IDR 38.26 billion. Skyrocketed 76.39 percent from the same period in 2020 with a tabulated net profit of IDR 21.69 billion.
  • PT Sejahteraraya Anugrahjaya Tbk (SRAJ) throughout 2020 still carried a net loss of Rp. 14.38 billion. This condition decreased significantly compared to the same period in 2019 with a net loss of IDR 75.67 billion.
  • PT Astra Internasional Tbk (ASII) through its subsidiary, PT Astra Tol Nusantara, it has provided a loan to PT Marga Mandalasakti (MMS), which manages the Tangerang-Merak toll road, amounting to IDR 1.39 trillion.

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