Market Prediction

Daily Covid infection cases since June 17-19 continue to be above 12,000s, causing many domestic health associations to urge the government to respond in the form of a lockdown. However, President considers that large-scale social restrictions (PSBB) are more effective and the government has also made changes to the holiday leave schedule.

JCI closed down with a bearish candle. JCI managed to close the gap area at the level of 5,947, after that JCI rebounded higher from the lowest level. The stochastic indicator is trending down, MACD histogram is moving positively (bullish line) and volume is down. If it moves bullish, JCI has the opportunity to strengthen to the resistance levels of 6,047 – 6,070. If JCI moves bearish again, it could test the support at the range of 5,944 - 5,972 again.

Commodities Review

• Gold prices continued to weaken in weekend trading and ended the worst week in more than 1 year as the United States (US) dollar extended its rally on the back of hawkish from the Federal Reserve.
• Crude oil prices continued to rise last week, oil prices are on track to strengthen for a fourth week after OPEC forecast limited growth in US oil production this year despite rising prices.

Macro Economic News

• Japan's consumer prices declined by 0.1 percent year-on-year in May 2021, after a 0.4 percent drop in the prior month. This was the eighth straight month of fall in consumer prices but the least in the sequence, amid ongoing COVID-19 disruptions.
• The Bank of Japan left its key short-term interest rate unchanged at -0.1% and maintained the target for the 10-year Japanese government bond yield at around 0% during its June meeting by a 7-1 vote.
• Retail sales in the United Kingdom declined by 1.4 percent from a month earlier in May 2021, following a 9.2 percent increase in April when retail coronavirus-induced restrictions were eased and missing market expectations of a 1.6 percent advance.

Corporate news

• The performance of PT Bumi Serpong Damai Tbk (BSDE) good in the first quarter of 2021. BSDE recorded a net profit of IDR 588.29 billion in the first quarter of 2021. The profit was recorded to have increased by 126.58% compared to the same period in 2020 which was only IDR 259.65 billion.
• PT Mustika Ratu Tbk (MRAT) recorded a net profit of IDR 1.91 billion in the first quarter of 2021. This figure jumped 54.03% (yoy) compared to the same period last year of IDR 1.24 billion.
• PT Putra Rajawali Kencana Tbk (PURA) during the first quarter of this year, achieved a profit for the year of IDR 3.88 billion. A slight increase of 6.90 percent compared to the same period in 2020, which was recorded at Rp. 3.63 billion.
• PT Indal Aluminum Industry Tbk (INAI) achieved sales of IDR 313.68 billion for the period March 31, 2021, down 4% from sales in the same period the previous year of IDR 329.45 billion.

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