Market Prediction

In Tuesday's trading, JCI slightly decreased 0.04% to the level of 6,655.

Meanwhile, Dow Jones stock index managed to break an all-time high. The strengthening of Dow Jones was partly supported by the issuer's brilliant performance report and the market euphoria of bitcoin which also reached a record high. More than 70 companies in S&P 500 have reported their third quarter performance, and so far on track towards a 35% increase compared to the previous year.

JCI had dropped below level 6,620 and managed to close at 6,655 or fell slightly with a bearish candle. The stochastic indicator is in the overbought area, MACD histogram is moving positive (bullish line) and volume is falling. If JCI moves bullish again, there is a chance to test the resistance at 6,693, if it breaks up from that, it can continue to the resistance at 6,734. If it moves bearish, JCI can go down to the support at 6,613, if it breaks down from that, it will continue to the support at 6,573. 

Commodities Review

• Gold prices rose in today's trading as the weak United States (US) dollar outweighed the pressure from rising US Treasury yields and lingering concerns over an earlier-than-expected rate hike.

Macro Economic News

• The People's Bank of China kept its benchmark interest rates for corporate and household loans steady for a 18th straight month at its October fixing.
• Japan posted a trade deficit of JPY 622.76 billion in September 2021, compared with market consensus of a gap of JPY 519.2 billion and reversing from a surplus of JPY 667.36 billion in the same month a year earlier.
• The annual inflation rate in the UK edged down to 3.1% in September of 2021 from a 9-year high of 3.2% in August and below forecasts of 3.2%. 

Corporate news

• PT Kurniamitra Duta Sentosa (KMDS) has purchased fixed assets worth IDR 16.25 billion. The assets, such as warehouses and was conducted to boost sales. The trick is to open additional warehouses to increase product storage volume capacity before distribution to customers.
• PT Pelita Samudera Shipping Tbk (PSSI) revealed that the achievement of long-term contracts as of September 2021 reached US$ 103 million. New spot contracts for barge and bulk reached 13 percent while long-term contracts reached 87 percent.
• PT Bumi Serpong Damai (BSDE) in the third quarter of the year posted pre-sales of IDR 6.1 trillion. Up 29 percent compared to the same period last year IDR 4.7 trillion. In addition, the company has also succeeded in securing 87 percent of the pre-sales target.

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