Market Prediction

Wall Street stock market closed down more than 1%. The decline was followed by the decline for the Nikkei and Hangseng indexes which fell nearly 1% this morning. Global markets are watching the Fed's September meeting, which starts on Tuesday local time.

JCI closed down with a bearish candle. The indicator stochastic dead cross, MACD histogram is moving positive (line flat) and volume is down. If JCI is bearish and unable to return above level 6,086, JCI is expected to decline to support at the range of 6,021 – 6,047. If JCI moves bullish again and can return above level 6,086, there is a chance to strengthen again to the resistance at the range of 6,102 – 6,123. 

Commodities Review

• Global crude oil prices continued to weaken, overshadowed by bearish sentiment from the strengthening US dollar ahead of the Federal Reserve meeting which is expected to provide clarity on plans to reduce stimulus.

Macro Economic News

• The NAHB housing market index in the US went up to 76 in September of 2021, rebounding slightly from a one-year low of 75 hit in August, and beating market forecasts of 74.

Corporate news

• PT Mahaka Radio Integra Tbk (MARI) until the first semester of 2021 recorded a net loss of IDR 5.568 billion or a decrease of 57.69 percent compared to the same period in 2020 which recorded a net loss of IDR 13.089 billion.
• A subsidiary of PT Nusantara Pelabuhan Reliable Tbk (PORT), PT. Adipurusa Unloading Company (PBMA) has signed a loan facility agreement with PT. Bank Mandiri Tbk (BMRI) amounting to IDR 341 billion.
• PT Metropolitan Land Tbk (MTLA) is increasingly aggressive in residential sales, especially for the landed house segment. Until the first semester of 2021, landed house sales grew 32% year on year (yoy). Metland's landed house sales performance in the first half was already 55% of the target.

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