Market Prediction

Market players seem to be waiting for Government's decision on the emergency PPKM policy, whether it will be extended or not.

This is because the number of cases of Covid infection in Indonesia still very high.

JCI closed higher with a bullish candle and approached the resistance area. The stochastic indicator is bullish, MACD histogram is positive (golden cross line) and volume is decreasing. If JCI is able to move bullish, there is a chance to strengthen again with the first target at the resistance at 6,114, if it breaks it could further test to level 6,130. Anticipate a decline due to profit taking with support I at 6,046 & support II at 6,022.

Commodities Review

• Oil prices were little changed in weekend trading and ended the week lower. Oil is moving in volatile trade on expectations of increased supply just as coronavirus cases are also starting to spike which could lead to curbs and depressed demand.

Macro Economic News

• The Bank of Japan left its key short-term interest rate unchanged at -0.1% and kept the target for the 10-year Japanese government bond yield at around 0% during its July meeting by an 8-1 vote, as widely expected.
• US retail trade rose 0.6 percent from a month earlier in June 2021, following a revised 1.7 percent decline in May and easily beating market expectations of a 0.4 percent decline, as demand for goods remained strong despite the recent shift towards spending to services.
• The Consumer Price Index In the Euro Area increased 0.30 percent in June of 2021 over the previous month.

Corporate news

• The revenue of PT Bukit Uluwatu Villa Tbk (BUVA) slumped 72.91% in the first quarter of this year, which earned Rp 12.06 billion in revenue as of the end of March. In the same period last year, BUVA earned net sales of up to Rp 44.51 billion.
• PT Makmur Berkah Amanda Tbk (AMAN) had an unsatisfactory performance in the first three months of this year. The reason is, operating income fell 22.26% from the nick in the same period the previous year.
• PT Buana Lintas Lautan Tbk (BULL) managed to pocket revenue of US$ 48.5 million, up 12.6% year on yearin the first quarter of 2021.
• PT Digital Mediatama Maxima Tbk (DMMX) cooperates with a Hong Kong company, SmartRetail Group. The two formed a joint venture (JV) named PT DMMX SmartRitel Teknologi (DSMRT).

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