Market Prediction

Yesterday, JCI closed down by 0.82% to a level of 6,602.21. The weakening of JCI inline with the main exchanges in Asia. Meanwhile, foreign market players still recorded a net buy of IDR 223 billion (All Market), which tended to be limited compared to the previous day's net buy of IDR 773 billion.

Major indexes in Asia closed mostly lower, with technology stocks among the worst performers amid tensions between US and China. The US Federal Communications Commission voted Tuesday to cancel China Telecom's license to operate in the US.

Meanwhile, from Wall Street, Dow Jones and S&P 500 closed lower, while the Nasdaq rose slightly. Sentiment weakened due to renewed tensions between the USChina which could add to supply chain concerns.

JCI closed down with a bearish candle. The stochastic indicator is bearish, MACD histogram is moving positive but down (line is weak) and volume is increasing. If JCI moves bearish again and breakdown to level 6,585, it could further decline to the support at the range of 6,536 – 6,552 (gap area). If JCI moves bullish, it could move higher at the resistance at the range of 6,625 – 6,638.

Commodities Review

• Crude oil prices closed lower after US crude stockpiles rose more than expected, even as fuel inventories fell and tanks at the US's largest storage hub grew empty.
• Gold prices edged up and was supported by lower US bond yields and a weaker US dollar, although strong risk appetite in the stock market held back bullion gains. 

Macro Economic News

• The Composite Consumer Sentiment Index (CCSI) in South Korea rose by 3 points to 106.8 in October of 2021 from 103.8 in the prior month, the highest since June and marking the second consecutive monthly increase.
• New orders for US durable goods declined 0.4% mom in September of 2021, following a downwardly revised 1.3% rise in August and compared to market forecasts of a 1.1% drop.
• Foreign direct investment into Indonesia (excluding investment in banking and the oil and gas sectors) fell 2.7 percent year-onyear to IDR 103.2 trillion (USD 7.31 billion) in the September quarter of 2021, reversing sharply from a 19.6 percent jump in the previous period.

Corporate news

• PT Sampoerna Agro Tbk (SGRO) posted a positive performance during the first nine months of 2021 which posted a net profit of IDR 509.66 billion. This realization jumped 2.767% from net profit in the same period last year of IDR 17.77 billion.
• PT Catur Sentosa Adiprana Tbk (CSAP) reported financial performance results from the JanuarySeptember 2021 period which achieved sales of IDR 9.92 trillion or a 14.28% jump from sales in the January-September 2020 period which amounted to IDR 8.68 trillion.
• PT Gunung Raja Paksi Tbk (GGRP) posted a net profit of US$ 40.20 million per quarter III-2021. In the same period last year, GGRP still suffered losses of up to US$ 14.95 million.
• PT Pollux Properties Indonesia Tbk (POLL) recorded performance growth in the January-September 2021 period. POLL achieved revenue of IDR 602.19 billion, or an increase of 130.73% from the same period the previous year of IDR 260.99 billion.

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