Market Prediction

Yesterday, JCI managed to strengthen and closed higher above level of 6,100.

Meanwhile, the three main indexes on US stock exchange ended higher overnight. The market seems a little relieved after CDC announced that vaccination has reached 70% of the US population. Therefore, cyclical stocks that benefited from the economic recovery such as airline stocks rose again.

JCI managed to close higher with a bullish candle. The stochastic indicator is bullish, MACD histogram is moving positive (neutral line) and volume is increasing. If JCI is able to move bullish, there is a chance to strengthen again to test resistance at the range of 6,166 – 6,184. If it is bearish again, JCI could move back to the support at the range of 6,096 – 6,105.

Commodities Review

• Oil prices fell on Tuesday (3/8/2021) in volatiletrading due to fears of increasing Covid-19 cases due to the delta variant. While expectations of lower US inventories provided some support.
• Gold prices were lower on Tuesday, as traders remained on the sidelines ahead of US jobs data due later this week that could affect the timeline for when the Federal Reserve reduces its assetbuying program.

Macro Economic News

• The annual inflation rate in South Korea increased to 2.6 percent in July of 2021 from 2.4 percent in the previous month and compared to forecasts of a 2.4 percent rise.
• Factory orders in the US surged 1.5% mom in June of 2021, following an upwardly revised 2.3% rise in the previous month and beating market forecasts of a 1% gain.

Corporate news

• PT Sat Nusapersada Tbk (PTSN) until the first semester of 2021 recorded a net profit of USD 2,982 million, a cut of 0.9 percent compared to the same period last year of USD 3,009 million.
• PT BFI Finance Indonesia Tbk (BFIN) recorded a positive performance in the midst of the Covid-19 pandemic. During the first six months of 2021, BFIN managed to record a net profit of IDR 487.42 billion in the first six months of 2021, up 46.8% year-on-year (yoy).
• PT Indika Energy Tbk (INDY) managed to score a slick performance during the first six months of 2021. INDY posted a net profit of US$ 12 million in the first half of 2021. This figure is inversely proportional to the conditions in the same period the previous year where INDY suffered a loss of US$ 21.91 million.
• PT MAP Active Adiperkasa Tbk posted a positive performance throughout the first semester of 2021. MAPA recorded revenue growth of up to 35.12% year on year (yoy) to IDR 2.86 trillion until June 2021. In the same period last year, MAPA posted revenue of IDR 2.12 trillion.

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