Market Prediction

Wall Street index closed higher after Powell gave a statement confirming that the Federal would not raise interest rates too soon. The statement was also accompanied by a statement that the Federal side intends to encourage the recovery of the labor market and will wait for actual evidence of inflation.

JCI closed higher with a bullish candle and testing the immediate resistance. The stochastic golden cross indicator, MACD histogram is moving positive (bullish line) and volume is down. If it moves bullish, JCI has the chance to strengthen to test the resistance at the range of 6,118 – 6,134. There is anticipation of profit taking, if JCI moves bearish again, it could test support at the range of 6,021 – 6,049 again.

Commodities Review

• Global crude oil prices weakened at the end of trading Tuesday (22/6). The decline was triggered by plans by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to discuss increasing oil production for the first time in more than two years.

Macro Economic News

• Money Supply M2 in Indonesia increased to 6957300 IDR Billion in April from 6888026.50 IDR Billion in March of 2021.
• Existing home sales in the US fell for the 4th consecutive month to 5.8 million in May of 2021, compared to forecasts of 5.72 million.

Corporate news

• PT Indah Kiat Pulp and Paper Tbk (INKP) achieved net sales of USD 801.28 million for the period March 2021, up from net sales of USD 780.47 million in the same period the previous year.
• During the first quarter of 2021, PT Bayu Buana (BAYU) recoeded a net loss of IDR 6.76 billion. Decreased from the same period in 2020 with a profit collection of IDR 2.54 billion.
• PT Nusa Raya Cipta Tbk (NRCA), the construction unit of PT Surya Semesta Internusa Tbk (SSIA), the first quarter of 2021 recorded consolidated revenues of IDR 342 billion. This revenue decreased by 47.7% from the same period in the first quarter of 2021, which was IDR 653.4 billion.
• PT Buyung Poetra Sembada Tbk (HOKI) posted net sales of IDR 240.73 billion in the first quarter of 2021. This number decreased by 46.55% (yoy) compared to the company's net sales in the first quarter of 2020 of IDR 450.42 billion.

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