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15 Sep 2021

Market Prediction

In yesterday's trading, JCI closed up 0.57% at the level of 6,129. Yesterday, car sales YoY data for August was reported to have grown by 123.5%, slightly slower than growth in the previous period of 163.55%.

On the other hand, Wall Street's three main stock market indexes closed lower in response to the release of US inflation data. US inflation is currently recorded above 5% and in August it was reported at 5.3% (YoY) or grew 0.3% MoM. Meanwhile, Democrats in the US House of Representatives are proposing tax increases to finance a US$3.5 trillion stimulus package. According to the plan, corporate and personal income tax (PPH) will be increased to 26.5% and 39.6%, respectively.

JCI closed higher with a bullish candle. The stochastic indicator is bullish, MACD histogram is moving in a positive direction (golden cross chance line) and volume is increasing. JCI still has a chance to strengthen again to the immediate resistance at the range of 6,150 – 6,169. If JCI moves bearish, JCI will move back to support levels of 6,088 – 6,102.

Commodities Review

  • Oil prices edged up in late trading Wednesday morning (15/9/2021), after tropical storm Nicholas brought heavy rains and power cuts in Texas caused less damage to US energy infrastructure than Hurricane Ida earlier this month. 

Macro Economic News

  • The number of people claiming unemployment benefits in the UK declined by 58.6 thousand in August of 2021 following a 48.9 thousand fall in July.
  • The annual inflation rate in the US eased to 5.3% in August from a 13-year high of 5.4% reported in June and July, matching market expectations.

Corporate news

  • PT Gunung Raja Paksi Tbk (GGRP) managed to record a net profit of US$ 22.62 million during the first semester of 2021. This condition improved compared to GGRP's performance in the first semester of 2020 where it still had a net loss of up to US$ 10.8 million.
  • PT Central Omega Resources Tbk (DKFT) until the first semester of 2021 posted a net profit of IDR 2.534 billion, an improvement compared to the same period in 2020 which posted a net loss of IDR 85.137 billion.
  • PT Golden Flower Tbk (POLU) recorded an increase in net loss in the first semester of 2021. POLU recorded sales of IDR 44.86 billion in the first semester of 2021. The sales value decreased significantly by 68.6 percent from IDR 142.9 billion in the same period last year.
  • PT Surya Kalimantan Sejati (“SKS”) which is a subsidiary of PT Dian Swastatica Sentosa Tbk (DSSA) has signed a loan facility agreement with PT Bank Mega Tbk (MEGA) for a total of IDR 256 billion on September 14, 2021. 

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