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14 Oct 2021

Market Prediction

In yesterday's trading, JCI managed to close at the level of 6,536. The sectors that strengthened the most were industrial and consumer with increases of 2.26% and 1.75% respectively. The stocks that became movers were BBCA, ASII, UNVR, BBRI and BBNI.

JCI closed higher with a bullish candle. The stochastic indicator is still consolidating the overbought area, MACD histogram is moving positive (bullish line) and volume is increasing. If it is able to move bullish again, there is a chance to retest the resistance levels at the range of 6,577 - 6,600. If JCI moves bearish, it is expected to be corrected first to support at the range of 6,486 – 6,506.

Commodities Review

  • Global gold prices increased almost 2 percent to a nearly one-month high on Wednesday, after the dollar and US Treasury yields weakened.

Macro Economic News

  • Exports from China jumped 28.1 percent year-on-year to an all-time high of USD 305.7 billion in September 2021, accelerating from a 25.6 percent rise in August and easily beating market expectations of 21 percent increase, amid solid global demand.
  • The UK trade deficit widened to GBP 3.7 billion in August of 2021 from a downwardly revised GBP 2.9 billion in the previous month.
  • The CPI for all items less food and energy in the US rose 4.0 percent from a year earlier in September 2021, the same pace as in the previous month and in line with market expectations.
  • The annual inflation rate in the US edged up to a 13-year high of 5.4% in September of 2021 from 5.3% in August and above market expectations of 5.3%.

Corporate news

  • PT Adhi Karya (ADHI) realized the acquisition of new contracts of IDR 11.3 trillion until September 2021. That number increased by 82.3 percent compared to the acquisition of new contracts in the third quarter of last year of IDR 6.2 trillion.
  • PT Diamond Citra Propertindo Tbk (DADA) until the first semester of 2021 posted a net profit of IDR 2.828 billion, an improvement compared to the same period in 2020, which recorded a net loss of IDR 4.386 billion.
  • PT Digital Mediatama Maxima Tbk (DMMX) said that the company established a subsidiary named PT DMMX DEKTOS INTI on October 11, 2021. DMMX has a 46% stake in the subsidiary. 

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