Market Prediction

Yesterday's trading, JCI closed higher by 0.05% to 6,723.39. Inline with the movement of the majority of Asian indexes that closed higher. Foreign market players recorded a net sell again of IDR 18.41 billion (all market).

Wall Street's major indexes closed mostly in a downward trend after President Joe Biden announced he would re-nominate Jerome Powell to continue to lead the Fed, which means monetary policy tightening will continue (rapid rate hike plans in 2022).

Today's movement, JCI is expected to be sideways tend to weaken.

JCI closed slightly higher with a bearish candle. The stochastic indicator is bullish, MACD histogram is moving in a positive direction (sloping line) and volume is falling. If JCI moves bullish again, there is a chance to further strengthen to the resistance at the range of 6,754 – 6,784. If JCI moves bearish, it could continue down to support at the range of 6,675 – 6,690.

Commodities Review

• Crude oil prices rose in late trading Monday (22/11/2021) on reports that OPEC+ could adjust plans to increase oil production if major consuming countries release crude from their reserves or if the coronavirus pandemic reduces demand.

Macro Economic News

• The People's Bank of China kept its benchmark interest rates for corporate and household loans steady for the 19th straight month at its November fixing, as policymakers seek to limit risk-taking in the property sector.
• Existing Home Sales in the United States increased 0.80 percent mom in October of 2021, following a 7% jump in September.

Corporate news

• PT Waskita Karya Tbk (WSKT) recorded a new contract value of IDR 12.01 trillion as of September 2021. The acquisition of the new contract value was equivalent to 79.44 percent of the new contract value before the Covid-19 pandemic.
• PT Panca Anugrah Wisesa Tbk (MGLV) until the third quarter of 2021 was able to record sales of IDR 78.95 billion. This number increased by 78.74 percent when compared to sales as of September 2020 which amounted to IDR 44.17 billion.
• PT Selamat Sempurna Tbk (SMSM) stated that it has received interim dividend income from 4 subsidiaries of around IDR 28.67 billion on November 22, 2021. The four subsidiaries are PT Panata Jaya Mandiri, PT Prapat Tunggal Cipta, PT Selamat Sempana Perkasa and PT Hvdraxle Perkasa on November 22, 2021.
• A number of subsidiaries of Sarana Menara (TOWR) pocketed a loan of IDR 700 billion. The banking facilities were obtained from JPMorgan Chase Bank, NA.

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