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24 Nov 2021

Market Prediction

Yesterday's trading, JCI closed down by 0.68% to 6,677.88. Inline with the movement of the majority of Asian indexes closed lower. Foreign market players recorded a net buy of IDR 94.05 billion (all market).

Wall Street's main indexes closed higher (S&P and Dow rebounded, Nasdaq fell) as investors see that PMI data showing a strong economic recovery while Treasury yields increased.

Today's movement, there is a chance for a rebound after touching the short-term resistance trend. The next market focus from external is related to the release of some US economic data and the FOMC minutes.

JCI closed down with a bearish candle. The stochastic indicator is weak, MACD histogram is moving negative (line is sloping) and volume is falling. If JCI moves bearish, it could continue down to support at the range of 6,621 – 6,651. If JCI moves bullish again, there is a chance to further strengthen to the resistance at the range of 6,704 – 6,714. Be careful if the movement tends to move below the support, the downward trend will continue.

Commodities Review

  • Oil prices closed to their highest level in a week after moves by the United States and other consuming nations to release tens of millions of barrels of oil from reserves to try to cool the market failed to meet some expectations.
  • Gold prices fell almost 1% to a nearly three-week low on Tuesday as the reelection of Federal Reserve Chair Jerome Powell fueled bets of faster rate hikes, strengthening the dollar and Treasury yields.

Macro Economic News

  • Money Supply M2 in Indonesia increased to 7490700 IDR Billion in October from 7300900 IDR Billion in September of 2021.
  • The IHS Markit/CIPS UK Composite PMI edged down to 57.7 in November 2021 from 57.8 in the previous month, above market expectations of 57.5, a preliminary estimate showed.
  • The IHS Markit US Manufacturing PMI increased to 59.1 in November of 2021 from a 10-month low of 58.4 in October, beating market forecasts of 59, preliminary estimates showed.
  • The IHS Markit US Services PMI dropped to 57.0 in November 2021, from 58.7 in the previous month and below market consensus of 59.0, a preliminary estimate showed.

Corporate news

  • PT Trisula Textile Industries Tbk (BELL) until the third quarter of 2021 earned a net profit for the year attributable to owners of the parent entity of IDR 2.80 billion. Meanwhile, in the third quarter of 2020, BELL still had to record a loss of up to IDR 1.58 billion.
  • PT Nusantara Pelabuhan Handal Tbk (PORT) until the third quarter of 2021, PORT recorded revenue of IDR 994.01 billion, an increase of 1% compared to the same period last year.
  • PT Wijaya Karya Beton Tbk (WTON) until October has realized a contract equivalent to 87.5% of this year's target of IDR 4.8 trillion. This realization also shot up 44.82%.
  • PT Austindo Nusantara Jaya Tbk (ANJT) as of September 2021 posted an increase of 61.3% to US$ 190.9 million compared to the same period last year of US$ 118.4 million.

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