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13 Oct 2021

Market Prediction

In yesterday's trading, JCI had broken through level of 6,500 and closed up 0.41% to the level of 6,486.

Based on 3-month trading data, foreign market players have recorded a net buy of IDR 11.07 Trillion, by making their largest net buys on stocks of BBRI, BBCA, TLKM, ASII, BMRI and UNTR.

JCI closed higher with a bullish candle. The stochastic indicator is still consolidating the overbought area, MACD histogram is moving positive but down (bullish line) and volume is down. If it is able to move bullish again, there is a chance to retest the resistance levels at the range of 6,506 - 6,514. If JCI moves bearish or fails to break up to 6,504, JCI is expected to be able to go down first to support at the range of 6,436 – 6,460. 

Commodities Review

  • The energy crisis that occurs in various countries is getting worse. This makes world crude oil prices continue to soar. The benchmark global crude oil price of the United States, West Texas Intermediate (WTI), has even penetrated the level of 80 US dollars per barrel. When compared to the same period last year, WTI crude oil prices have strengthened almost 100 percent. 

Macro Economic News

  • The number of people claiming unemployment benefits in the UK declined by 51.1 thousand in September of 2021 following a 58.6 thousand fall in August.
  • Car Registrations in Indonesia increased to 83319 in August from 66639 in July of 2021.
  • The number of job openings in the US dropped by 659,000 from a month earlier to 10.439 million in August 2021, from an alltime high of 11.098 million and below market expectations of 10.925 million. 

Corporate news

  • PT Astra International Tbk (ASII) recorded growth in automotive sales in the January-September 2021 period. ASII managed to record 343,837 car sales from the January-September 2021 period. Realization of these sales increased 78.87% from the same period the previous year which was 192,217 units.
  • PT Medco Energi Internasional Tbk (MEDC) said it had received dividends from its subsidiary, PT Medco Power Indonesia (MPI) of IDR 35,052,174,500
  • PT Adira Dinamika Multi Finance Tbk (ADMF) delivered new financing distributions of IDR 11.8 trillion in the first semester of 2021. managed in that period reached IDR 40.1 trillion. Total new motorcycle financing ADMF in 6M21 amounted to IDR 5.2 trillion, up 11% YoY.

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