Market Prediction

Wall Street stocks ended lower overnight as the market took anticipatory steps over the uncertain pace of the economy.

Meanwhile, this morning Asian stock markets opened lower. JCI still lacks positive sentiment. JCI closed lower with a bearish candle. The stochastic indicator is dead cross, MACD histogram is moving in a positive direction (potential golden cross line) and volume is falling. JCI had tested the resistance level, but was unable to stay above it. If JCI tends to be bearish, it could continue to decline to support at 6,013 & support II at 5,985. If JCI is able to strengthen even though limited, it has a chance of strengthening to test the resistance at the range of 6,066 – 6,079.

Commodities Review

• Gold prices closed lower in the previous trading session as US bond yields edged up from their lows. However, the weakening of the United States (US) dollar and concerns over the recovery of the labor market limited gold's weakness.
• Oil prices rebounded after a US government report showed oil inventories were rapidly declining. Meanwhile, fuel demand hit a record high amid the peak of summer.

Macro Economic News

• Japan's current account surplus soared to JPY 1,979.7 billion in May of 2021 from JPY 1,068.5 billion in the same month of the previous year and compared with market expectations of a surplus of JPY 1,820.4 billion.
• Indonesia's consumer confidence index increased 3 points to 107.4 in June from 104.4 in the previous month, amid an acceleration in the rollout of COVID-19 vaccines.
• 373K people claimed for unemployment benefits in the latest week, above market forecasts of 350K and slightly higher than an upwardly revised 371K in the previous week signaling the labour market recovery remains far from complete.

Corporate news

• PT Reliance Sekuritas Indonesia Tbk (RELI) recorded Net Profit of IDR 35.09 billion in 2020 compared to 2019 which recorded a net loss of IDR 3.59 billion in 2019.
• PT Anugerah Kagum Karya Utama (AKKU) throughout 2020 recorded revenues of IDR 207.59 billion. It skyrocketed sharply compared to the same period in 2019 with a tabulated revenue of IDR 21.68 billion.
• PT Adhi Karya (Persero) Tbk (ADHI) posted a 45% increase in new contracts on an annual basis (yoy) in the first semester of 2021. ADHI realized the acquisition of new contracts of IDR 6.7 trillion.
• PT Bhuwanatala Indah Permai Tbk (BIPP) posted a 69.45% drop in revenue to IDR 59.19 billion at the end of March 2021. Even though in the same period last year, the company still pocketed revenue of IDR 193.79 billion.

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