Market Prediction

Wall Street index managed to rebound last night, the market tried to rise from the pressure of the Fed's interest rates. In addition, European markets also managed to move positively and the majority of Asian markets opened in the green zone this morning.

Since June 17-21, the daily infection rate in Indonesia has continued to increase, where on June 21 the daily infection rate was 14,536. The government is expected to be able to take effective policies to reduce the number of infections.

JCI closed down with a bullish candle. JCI had touched the level of 5,884 and managed to strengthen from its lowest level. The stochastic indicator is neutral, the MACD histogram is trending down (bullish line) and volume is down. If it moves bullish, JCI has the chance to strengthen to the resistance levels of 6,021 – 6,047. If JCI moves bearish again, it could test support at the range of 5,884 – 5,944 again.

Commodities Review

• Oil prices surged in Monday’s trading, extending gains from the previous week, driven by a weaker US dollar and a lull in talks to end US sanctions on Iranian crude.

Macro Economic News

• The People's Bank of China (PBoC) left its benchmark interest rates for corporate and household loans steady for the 14th straight month at its June fixing, as the economy continues to recover from the downturn caused by the COVID-19 shocks.
• The Chicago Fed National Activity Index increased to 0.29 in May of 2021 from a downwardly revised -0.09 in April, pointing to a pick up in economic growth, led by improvements in production-related indicators.

Corporate news

• PT Prima Cakrawala Abadi Tbk (PCAR) made a very satisfactory performance in the first three months of 2021. PCAR managed to record net sales of IDR 26.52 billion as of the end of March. This figure grew rapidly by 74.20% from the original IDR 15.22 billion in the first quarter of 2020.
• PT Citatah Tbk (CTTH) still recorded a net loss of IDR 8.951 billion, a decline of 60 percent compared to the first quarter of 2021, which had a net loss of IDR 20.1 billion.
• PT PP (Persero) Tbk (PTPP) stated that it had obtained a new contract until the end of May 2021 in the amount of IDR 6.7 trillion. The acquisition of the new contracts consisted of the parent company amounting to 60.85% or IDR 4.08 trillion and the subsidiary company amounting to 39.15% or IDR 2.62 trillion.
• PT Matahari Putra Prima Tbk (MPPA) is able to optimize the moments of the fasting month and Eid. During the April-May period, MPPA posted revenue of IDR 1.47 trillion. This figure is up about 18 percent compared to sales in April-May 2020 which reached IDR 1.24 trillion.

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