Market Prediction

On Wednesday, JCI rose 0.81% to the level of 6,162. In September, JCI tended to weaken due to the lack of positive sentiment from within the country and negative pressure from Tapering, which is still full of uncertainty.

However, market players seem to be optimistic about Indonesian stock market, this is reflected in the value of net buy foreign transactions in a week which reached 4.38 trillion. One of the reasons for this optimism is the Government's success in suppressing infection cases so that active cases of infection are below 40K.

JCI closed higher with a bullish candle. The stochastic indicator is again golden cross, MACD histogram is moving positive (bullish line) and volume is down. If JCI moves bullish again and breaks up to level 6,169, JCI could strengthen again to the resistance at the range of 6,203 – 6,223. If JCI is bearish again, JCI could continue its decline to the support at the range of 6,123 – 6,137. 

Commodities Review

• Oil prices slipped after United States (US) crude inventories rose more than anticipated, even as OPEC plans to maintain a deliberate approach to increasing supply to the market.
• Gold prices fell to their lowest level in seven weeks in the previous session as the United States (US) dollar rose and expectations the Federal Reserve could start easing its economic support measures soon. 

Macro Economic News

• The consumer confidence indicator in the Euro Area was confirmed at -4.0 in September 2021, up from -5.3 in the previous month, reflecting an increase in households’ assessments of their past financial conditions, their intentions to make major purchases, and especially their expectations about the general economic situation.

Corporate news

• PT Electronic City Indonesia Tbk (ECII) posted revenue of IDR 966.7 billion in the first semester of 2021. This number was recorded to have grown by 40% compared to its revenue achievement throughout 2020 which amounted to IDR 690 billion.
• PT Selamat Sempurna Tbk (SMSM) received dividends from its subsidiary operating in Malaysia amounting to MYR 1.5 million or equivalent to IDR 5.12 billion.
• PT Arkha Jayanti Persada Tbk (ARKA) has been appointed to work on a 23,000 ton steel fabricator for the Pertamina Refinery Development Master Plan (RDMP) project in Balikpapan, East Kalimantan. The contract value is estimated at IDR 620 billion.

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