Market Prediction
In trading yesterday, JCI closed down by 1.19% to the
level of 6,524.07. The weakening of JCI inline with the
main exchanges in Asia. Meanwhile, foreign market
players turned around to record a net sell-off of IDR
504.74 billion (All Market).
Meanwhile, Wall Street index managed to close
positively. S&P 500 and Nasdaq rose to record highs on
Thursday, as big tech companies continued their gains
amid market players looking to quarterly earnings from
Amazon and Apple.
On the other hand, there is the release of US GDP data
which grew 2% YoY in Q3 2021, far below the market
forecast of 2.7% and declining sharply from 6.7% in Q2.
This was the weakest growth in the pandemic recovery
as government stimulus continued to wane and a surge
in COVID-19 cases and global supply constraints weighed
on consumption and production.
JCI closed down with a bearish candle. The stochastic
indicator is bearish, MACD histogram is moving negative
(line is weak) and volume is increasing slightly. If JCI
moves bearish again, it could continue to decline
towards the support at 6,486, if it breaks down further to
the support at 6,416. If JCI moves bullish, it could move
higher at the resistance at the range of 6,652 – 6,673.
Commodities Review
- Oil prices closed down about 1% and were at
their lowest level in two weeks after Iran said
talks with world powers over its nuclear
program would resume in late November
and increased US crude inventories.
- Gold prices closed slightly higher as demand
for assets like safe-haven lifted by a weaker
US dollar and data showing the US economy
was growing at its slowest pace in more than
a year.
Macro Economic News
- The Bank of Japan left its key short-term
interest rate unchanged at -0.1% and kept
the target for the 10-year government bond
yield at around 0% during its October
meeting by an 8-1 vote, as widely expected.
- The American economy expanded an
annualized 2% on quarter in Q3 2021,
well below market forecasts of 2.7%
and slowing sharply from 6.7% in Q2.
Corporate news
- During the first nine months of this year, PT Indosat Ooredoo Tbk (ISAT) recorded an annual revenue
increase of 12% to IDR 23.05 trillion. ISAT also posted a profit of IDR 5.8 trillion from the previous loss of
IDR 457.5 billion as of September last year.
- PT Vale Indonesia Tbk (INCO) managed to score a good performance during the January-September
2021 period, which posted a net profit of US$ 122.93 million. This realization shot up to 60.40% of INCO's
net profit in the same period last year of US$ 76.64 million.
- During the first nine months of 2021, PT Siloam International Hospitals Tbk (SILO) recorded revenue
growth of up to 42.83% year on year (yoy) to IDR 7.14 trillion. The income was obtained from nonspecialists of IDR 5.88 trillion and specialists of IDR 1.25 trillion.
- PT Mulia Industrindo Tbk (MLIA) managed to carve a satisfactory performance in the JanuarySeptember period this year. MLIA recorded a net sales growth of 18.68 percent, from IDR 2.68 trillion to
IDR 3.19 trillion.
PT Kiwoom Sekuritas Indonesia (KSI)
Treasury Tower 27th Floor Unit A, District 8 Kawasan SCBD Lot 28
Jl.Jend.Sudirman Kav 52-53, Jakarta Selatan 12190
Telp : +62 21 5010 5800
Fax. +62 21 5010 5820
Website : www.kiwoom.co.id
