Market Prediction

In yesterday's trading, JCI rose 1.31%, due to market players who were optimistic about responding to COVID- 19 infection rate in Indonesia, which had begun to decline. Meanwhile, the President of Indonesia announced that the PPKM would begin to be loosen. Some areas have started to shift to level 3 from level 4.

With this loosening, it is hoped that public mobility will begin to improve, which means the economy will have a positive impact.

JCI closed higher with a bullish candle and breakup to the short-term resistance trendline. The stochastic golden cross indicator, MACD histogram is moving in a positive direction (the line is weak) and volume is falling. If JCI moves bullish again, there is a chance to further strengthen to the resistance at the range of 6,147 – 6,179. If JCI is in the bearish move again or goes down below level 6,111, it can go down again to support at the range of 6,048 – 6,069.

Commodities Review

• Oil prices surged on Monday (23/8/2021), supported by a broader market rebound and signs of progress in the fight against the Covid-19 pandemic.

Macro Economic News

• The au Jibun Bank Japan Manufacturing PMI dropped to 52.4 in August 2021 from a final 53.0 a month earlier, a preliminary reading showed.
• The IHS Markit US Manufacturing PMI fell to 61.2 in August of 2021 from 63.4 in July, below market forecasts of 62.5, preliminary estimates showed.
• The IHS Markit/CIPS UK Services PMI dropped to 55.5 in August 2021, from 59.6 in the previous month and well below market expectations of 59.0, a preliminary estimate showed.

Corporate news

• PT M Cash Integration Tbk (MCAS) scored a positive performance in the first six months of 2021. MCAS posted a net income of IDR 6.2 trillion, that number grew 2.10% when compared to the same period last year reaching IDR 6.1 trillion.
• PT Bank Mandiri (Persero) TBK (BMRI) managed to continue its positive performance until semester 1 2021, which recorded a net interest income growth of 21.50% year on year (yoy) to IDR 35.16 trillion. As a result, BMRI's net profit also rose 21.45% yoy to IDR 12.5 trillion in the first semester of 2021.
• PT Bank Ina Perdana Tbk (BINA) achieved a net profit of IDR 25.6 billion at the end of July 2021. This result shows an increase of 32.64 percent this year compared to the end of 2020 which was recorded at IDR 19.3 billion.
• PT Inocycle Technology Group Tbk (INOV) until Semester I-2021 recorded sales of Rp 305.4 billion, an increase of 29.8% compared to the same period the previous year, which was IDR 235.2 billion. Meanwhile net profit soared 197.1% yoy to IDR 7.9 billion from minus IDR 8.1 billion recorded in the same period the previous year.

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