Market Prediction

In two trading days Monday and Tuesday, JCI still shows market tension over the direction of the FOMC.

Meanwhile, with the condition of the US labor market in August, it seems that tapering might be possible in December, but with a note that Covid condition and unemployment are in line with the target.

JCI closed down with a bullish candle. The stochastic indicator is bearish, MACD histogram is moving negative (line is weak) and volume is down. If JCI moves bullish again, there is a chance to strengthen again to the resistance at 6,102. If it breaks above that level, it can continue to the level of 6,123. If JCI moves bearish and moves back below level 6,053, JCI is expected to weaken again to support at the range of 6,021 – 6,034.

Commodities Review

• Oil prices rose again in yesterday's trading. The rise in oil prices was driven by a US industry report showing another substantial draw in crude inventories, pointing to a tightening market.

Macro Economic News

• The value of loans in Indonesia increased 1.16 percent in August of 2021 over the same month in the previous year.
• The Bank of Indonesia held its key 7-day reverse repurchase rate unchanged at a record low of 3.5% on September 21st 2021, in line with market expectations.
• The current account gap in the US widened to $190 billion, or 3.3% of the GDP in the second quarter of 2021 from a downwardly revised $89 billion in the prior period and compared to forecasts of a $191 billion shortfall. 

Corporate news

• PT Acset Indonusa Tbk (ACST) increased the loan ceiling for its subsidiaries to IDR 15 billion from the previously prepared IDR 10 billion.
• PT Eterindo Wahanatama Tbk (ETWA) achieved net sales of IDR 328.55 million for the period March 31, 2021, down from IDR 412.21 million in the same period the previous year.
• PT Bukalapak.com (BUKA) claims that during the first six months of 2021 it cut its net loss by 31 percent YoY in line with positive TPV growth. Most of the loss was supported by the growth of TVP Mitra 237 percent YoY. 

PT Kiwoom Sekuritas Indonesia (KSI)

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