Market Prediction

Yesterday's trading, JCI closed up 0.12% to 6,691.34. Inline with the movement of the majority of Asian stock indexes strengthening. Foreign market players continued their net buy of IDR 246.93 billion (all markets).

Wall Street's main index, Nasdaq and S&P 500 indexes closed higher (+0.52% & 0.06%), while Dow Jones fell (-0.44%). Nasdaq rebounded after increase in inflation data and a surge in bond yields triggered a sell-off in tech stocks in the previous session.

JCI managed to close higher with a bearish candle. The stochastic indicator is bullish, MACD histogram is moving in a positive direction (sloping line) and volume is increasing. If JCI moves bearish, JCI can go down first to support at the range of 6,651 – 6,671. If JCI moves bullish again, there is a chance to further strengthen to the resistance levels at 6,704 – 6,745. 

Commodities Review

• OPEC+ country member states not focus on crude oil prices continue to rise. Iraqi Oil Minister Ihsan Abdul Jabbar said that currently OPEC+ is focused on ensuring supply remains stable and is not targeting an increase to a certain price.

Macro Economic News

• The UK economy advanced 6.6% year-onyear in the third quarter of 2021, slowing from a record 23.6% growth in Q2 following the easing of coronavirus restrictions.
• The UK trade deficit widened to GBP 2.8 billion in September of 2021 from a downwardly revised GBP 1.9 billion in the previous month. It was the largest monthly trade deficit since January. 

Corporate news

• Until the third quarter of 2021, PT Indo Tambangraya Megah Tbk (ITMG) posted a net profit of USD 271.5 million, an increase of 594.87 percent compared to the same period in 2020 which was only USD 39.986 million.
• PT Dharma Samudera Fishing Industries Tbk (DSFI) until the third quarter of 2021 posted a positive net profit of IDR 11.54 billion compared to the same period in 2020 which was still a net loss of IDR 8,045 billion.
• PT Makmur Berkah Amanda Tbk (AMAN) during the first nine months of 2021 recorded profit attributable to owners of the parent entity, an increase of 52.81 percent to IDR 6.64 billion compared to the same period in 2020 of IDR 4.34 billion.
• PT Indocement Tunggal Prakarsa (INTP) posted a total domestic sales volume of 12.7 million tons per quarter III-2021. Increase 594.8 thousand tons or 4.9 percent from the same period last year 12.1 million tons.

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