Market Prediction

Wall Street stocks in trading overnight, closed higher amid the wait for the Jackson Hole event to determine the Federal Reserve's deadline for policy tightening.

The market managed to rise because it thought that the Fed would not comment aggressively. This is due to some weak US economic data, one of which is new orders for core capital goods. This then reinforces the idea that Fed Chair Jerome Powell is unlikely to hint at a shortened deadline for policy tightening at the virtual Jackson Hole Symposium, which starts on Friday.

JCI closed higher with a bullish candle. The stochastic indicator is bullish, MACD histogram is moving in a positive direction (line is weak) and volume is increasing. If JCI is able to move bullish again, there is a chance to further strengthen to the resistance at the range of 6,160 – 6,179. If JCI is in bearish move again and breakdown to below level 6,048, it can go down again to support levels of 6,053 – 6,079. 

Commodities Review

• Crude oil prices shrank again on Wednesday (25/8/2021), due to the increasingly rapid spread of Covid-19 which overshadowed demand for oil prices. Oil prices were pressured after the American Petroleum Institute [API] crude oil reserves report, that the depreciation of crude oil reserves in the US was not as large as expected.

Macro Economic News

• Money Supply M2 in Indonesia increased to 7149200 IDR Billion in July from 7119600 IDR Billion in June of 2021.
• New orders for US manufactured durable goods fell 0.1% mom in July of 2021, after rising 0.8% in the previous month and less than forecasts of a 0.3% drop.
• The Business Survey Index (BSI) on business conditions in the manufacturing sector in South Korea went down 2 points to 95 in August of 2021 from 97 in the previous month.

Corporate news 

• PT Visi Media Asia Tbk (VIVA) until the first semester of 2021 recorded a net loss of IDR 115.2 billion, a decrease of 82.97 percent compared to the same period in 2020 which reached IDR 674.1 billion.
• PT Mahaka Radio Integra Tbk (MARI) until the first semester still recorded a net loss of IDR 44.92 billion or worse compared to the same period in 2020 which posted a net profit of IDR 34.095 billion.
• PT Merdeka Copper and Gold (MDKA) during the first semester of 2021 recorded a profit for the period attributable to owners of the parent entity of USD 5.87 million. Decreased 84.66 percent from the same period in 2020 with a profit of USD 38.26 million.
• PT Indofood Sukses Makmur (INDF) in the first half of 2021 posted consolidated net sales of IDR 47.29 trillion. Up 20 percent compared to the same period last year IDR 39.38 trillion.

PT Kiwoom Sekuritas Indonesia (KSI)

Treasury Tower 27th Floor Unit A, District 8 Kawasan SCBD Lot 28

Jl.Jend.Sudirman Kav 52-53, Jakarta Selatan 12190

Telp : +62 21 5010 5800

Fax. +62 21 5010 5820

Website : www.kiwoom.co.id