Market Prediction

Yesterday's trading, JCI managed to close higher by 0.47% at the level of 6,656.

From Asia indexes were closed mixed and particularly China's Shanghai index closed lower on concerns over the property sector after another developer, Modern Land, defaulted on its $250 million US dollar bond, on lingering concerns over China's newly introduced property tax scheme.

As for overnight trading, Wall Street stock market closed higher. Especially Dow Jones Index hit a new record high again as optimism over corporate earnings continues.

JCI closed higher with a bullish candle. The stochastic indicator is a potential golden cross, MACD histogram is moving positive but down (bullish line) and volume is down. If JCI moves bullish again, there is a chance to retest the resistance at the range of 6,687 – 6,693. If JCI moves bearish again, it could return to support 6,638 and support II 6,625. 

Commodities Review

• Spot gold prices fell nearly 1% in the previous session's trading and halted a five-session rally in a row. The main catalyst came as the stronger US dollar and strong corporate earnings data prompted the market to look to riskier assets.

Macro Economic News

• New home sales in the US soared 14% to a seasonally adjusted annual rate of 800K in September of 2021, following a downwardly revised 702K in August, and well above market forecasts of 760K.
• South Korea’s economy expanded by 0.3 percent on quarter in the three months to September of 2021, following a 0.8 percent growth in the previous period and below market expectations of a 0.6 percent rise, a preliminary estimate showed. 

Corporate news

• PT Phapros Tbk (PEHA) recorded net sales of Rp 466.24 billion in the first semester of 2021, growing 2.7% compared to the same period the previous year.
• The performance of all business segments of PT United Tractors Tbk (UNTR) managed to grow positively during the first nine months of 2021. UNTR recorded sales of 2,194 Komatsu heavy equipment units during the first nine months of 2021. This number increased 84.21% from the realization in the same period the previous year which only 1,191 units.
• PT Nippon Indosari Corpindo Tbk (ROTI) as of September 30, 2021 achieved a net profit attributable to owners of the parent entity of Rp 209.7 billion. This profit grew 65% compared to the same period last year.
• In the third quarter of 2021, PT Zebra Nusantara Tbk (ZBRA) posted net sales of Rp 2.7 trillion. That's an increase of 300% from the same period last year which was only recorded at Rp 8.8 billion. The company's equity moved from minus Rp 10.7 billion to positive Rp 1.3 trillion.

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