Market Prediction

In yesterday's trading, JCI managed to move upward to levels above 6,100, one of which was because Bank Indonesia again maintained BI7DRRR at the level of 3.50%, the deposit facility interest rate was 2.75% and the lending facility interest rate at 4.25%.

On the previous day, Bank Indonesia (BI) estimated that Indonesia's economic growth in 2021 year on year (yoy) would be in the range of 3.5% - 4.3% yoy, with a midpoint of 3.9% yoy.

JCI closed higher with a bullish candle. The index managed to break the resistance at 6,134. The stochastic indicator is bullish, MACD histogram is positive (line is bullish again) and volume is increasing. If JCI manages to hold above level 6,134, there is a chance to further strengthen up to the resistance at the range of 6,170 – 6,195. If it goes below level 6,134, the strong support is at the range of 6,096 – 6,114.

Commodities Review

• Oil prices edged up on Thursday (22/7/2021) extending the previous day's gains amid expectations of tighter supply through 2021 as the economy recovers from the coronavirus crisis.

Macro Economic News

• The Bank of Indonesia kept its key 7-day reverse repurchase rate unchanged at a record low of 3.5% on July 22nd, 2021, as widely expected.
• The value of loans in Indonesia increased 0.60 percent in June of 2021 over the same month in the previous year.
• 419K Americans have claimed unemployment benefits in the latest week, above an upwardly revised 368K in the previous week and much higher than market expectations of 350K.

Corporate news

• PT Unilever Indonesia Tbk (UNVR) during the first six months of 2021 pocketed a profit of IDR 3.05 trillion, down 15.85 percent from a profit of IDR 3.61 trillion the previous year.
• PT Bank Central Asia Tbk (BBCA) and its subsidiaries reported positive financial performance in the first semester of 2021. Operating income was recorded at IDR 38.5 trillion, up 2.4% from last year.
• PT Panca Global Kapital Tbk (PEGE) reported improved performance in the first quarter of 2021, after previously recording a loss in 2020. Based on the financial statements as of March 31, 2021, PEGE recorded revenues of IDR 9.39 billion. Increased compared to the same period in the previous year which recorded a minus revenue of IDR 30.03 billion.
• PT PP Tbk (PTPP) won a new contract worth IDR 8.5 trillion from the beginning of the year until the end of June 2021.

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