Market Prediction

JCI still lacks positive sentiment. As for today, Indonesia's Loan Growth data for the period of May (yoy) is scheduled to be released.

On the other hand, Indonesian goverment is currently preparing to anticipate the risk of an increase in bad loans in the banking sector, where this is inline with many sectors that have not been able to rise from the impact of the pandemic.

JCI closed down with a bearish candle. JCI had tested the nearest resistance, but was unable to hold on or a false break occurred. The stochastic indicator is neutral, MACD histogram is trending down (bullish line) and volume is increasing. Anticipating further profit taking, if JCI moves bearish again, it can close the gap area again or test support level at 5,996 & support II at 5,972. If it moves bullish, JCI has the chance to strengthen to test the resistance at the range of 6,070 – 6,082.

Commodities Review

• Oil prices rose on Wednesday (23/6) after the latest data showed U.S. crude inventories fell and strengthened views on the market tightening due to travel activity which increasing in Europe and North America.

Macro Economic News

• The current account deficit in the US widened to $195.7 billion or 3.6% of the GDP in the first quarter of 2021 from a downwardly revised $175.1 billion in the previous period and compared to forecasts of a $206.8 billion.
• The IHS Markit/CIPS UK Services PMI fell to 61.7 in June 2021, from 62.9 in the previous month and missing market expectations of 63.0, a preliminary estimate showed.
• The au Jibun Bank Japan Services PMI rose to 47.2 in June 2021 from a final 46.5 in the prior month, a flash figure showed.

Corporate News

• PT Putra Rajawali Kencana Tbk (PURA) recorded a net profit in the first quarter of 2021 of IDR 3.9 billion. This net profit rose 6.91% compared to the same period in the first quarter of 2020, which was IDR 3.7 billion.
• The performance of PT Itama Ranoraya Tbk (IRRA) in the January-May 2021 period, posted sales of IDR 331 billion or grew 366% (yoy) compared to the same period last year, which was only IDR 71.02 billion.
• PT Madusari Murni Indah Tbk (MOLI) until the first quarter of 2021 recorded a net profit of IDR 10.58 billion or a drop of 50.23 percent compared to the first quarter of 2020 of IDR 21.12 billion.
• PT Sinar Mas Multiartha Tbk (SMMA) recorded a net profit of IDR 283.24 billion in the first quarter of 2021. This achievement decreased by 20.39 percent compared to net profit for the same period in 2020 of IDR 358.6 billion.

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