Market Prediction

In Friday (12/11), JCI closed down by 0.61% to the level of 6,561.04. Then there are several data releases, Residential property prices in Indonesia rose 1.41% in the third quarter of 2021 below market expectations of 1.5%, after rising 1.49% in the previous period and October's car sales which managed to grow 54.11% vs the previous 73.24%.

Wall Street's three main indexes managed to close higher after several days of weakness amid fears of rising high inflation.

JCI is expected to tend to weaken towards support and has the opportunity to strengthen after being able to hold on after touching support. Today's sentiment will be influenced by the release of Indonesia's trade balance data for October which is expected to decline (Prev. 4.37B vs. Cons. 3.87B).

JCI managed to close down with a bearish candle. The stochastic indicator is dead cross, MACD histogram is moving in a positive direction (sloping line) and volume is down. If JCI moves bearish, JCI can go down first to support at the range of 6,596 – 6,617. If JCI moves bullish again, there is a chance to further strengthen to the resistance levels at 6,671 – 6,683.

Commodities Review

• Oil prices closed lower at the weekend and erased gains gained in the previous session. Pressure for oil prices this weekend came after the market fears that the Federal Reserve will accelerate plans to increase interest rates to tame inflation. 

Macro Economic News

• The number of job openings in the US fell by 191,000 from a month earlier to 10.4 million in September of 2021, compared with market expectations of 10.3 million but remaining well above pre-pandemic levels amid the ongoing labor shortage.
• The University of Michigan's consumer sentiment for the US fell to 66.8 in November of 2021 from 71.7 in October and below market expectations of 72.4, preliminary estimates showed. 

Corporate news

• PT Logindo Samudramakmur Tbk (LEAD) earned revenues of USD 20.15 million in the JanuarySeptember 2021 period. This value grew 8.21% from the same period the previous year of USD 18.62 million.
• PT Medikaloka Hermina Tbk (HEAL) posted a satisfactory performance during the first nine months of 2021. HEAL recorded an increase in net profit for the current period attributable to owners of the parent entity by 195.19% year on year (yoy) to IDR 773.14 billion . In the same period last year, HEAL only pocketed a profit of IDR 261.91 billion.
• During the third quarter of 2021, PT Aneka Tambang (ANTM) recorded a net profit of IDR 1.71 trillion. Increased 104.65 percent from the same period last year IDR 835.78 billion. That's the result of a 46.78 percent increase in revenue to IDR 26.48 trillion compared to the same period last year of IDR 18.04 trillion.
• PT Kencana Energi Lestari Tbk (KEEN) has acquired 49% or 6,125 shares of PT Biomassa Energi Jaya. The value of this acquisition is around IDR 612.5 million.

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