Market Prediction

In yesterday's trading, JCI fell 0.86% to the level of 6,288. The index corrected after experiencing the highest increase in the last 6 months at level of 6,342.

Economic data awaited by market players, Foreign Exchange Reserve of Indonesia for September period, is estimated to be slightly lower than the previous period.

JCI closed down with a bearish candle. The stochastic indicator is dead cross, MACD histogram is moving positive but down (bullish line) and volume is down. If JCI moves bearish below level 6,263, JCI is expected to further decline to the support at the range of 6,218 – 6,230. If JCI is bullish again, it could strengthen again to the resistance at the range of 6,331 – 6,342.

Commodities Review

• World oil prices rose again. The spike in oil prices was caused by the market's response to the results of the OPEC+ meeting. During the meeting, Saudi Arabia, Russia and colleagues agreed to maintain production as previously agreed.

Macro Economic News

• The trade deficit in the US widened to a record high of $73.3 billion in August of 2021, higher than market forecasts of $70.5 billion.
• The IHS Markit US Services PMI was revised higher to 54.9 in September of 2021 from a preliminary of 54.4, still pointing to the slowest growth in the services sector so far this year.
• The au Jibun Bank Japan Services PMI was revised upward to a three-month high of 47.8 in September 2021 from a preliminary reading of 47.4.

Corporate news

• PT Pollux Properti Indonesia Tbk (POLL) until the first semester of 2021 posted a net profit of IDR 56.619 billion, an improvement compared to the same period in 2020 which recorded a net loss of IDR 4,965 billion.
• The performance of PT Paramita Bangun Sarana Tbk (PBSA) until the first semester of 2021 seems unsatisfactory. It was recorded that PBSA's revenue was only IDR 73 billion during the January-June 2021 period. This amount is equivalent to 20.86% of the 2021 revenue target of IDR 350 billion.
• PT Bank Negara Indonesia (Persero) Tbk (BBNI) and PT Chandra Asri Petrochemical Tbk (TPIA) signed a cooperation financing facility with a scheme term loan with balloon payments totaling US$ 250 million, equivalent to IDR 3.5 trillion.

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