Market Prediction

Yesterday's trading, JCI closed higher by 0.71% to 6,608.29 or rebounded after falling to support. The strengthening of the index because the market is optimistic amid fears of a new variant. Foreign market players recorded a net sell of IDR 1.17 trillion (all markets).

Wall Street's main indexes mostly rebounded after selling actions during previous market worries. Investors are trying to assess the impact of the Omicron coronavirus variant on the economic recovery and monetary policy.

Today's market has the opportunity to strengthen again but tends to be limited.

JCI closed higher with a bullish candle. The stochastic indicator is weak but there is a chance for a golden cross, MACD histogram is moving negative (bearish line) and volume is falling. If JCI moves bullish again, there is a chance to strengthen again to the resistance levels of 6,651 – 6,662. If JCI moves bearish, it could continue down to support at the range of 6,544 – 6,568.

Commodities Review

• Oil prices surged on Monday (29/11) driven by concerns that the new Covid-19 variant of omicron will curb oil demand.
• Gold prices weakened on Monday (29/11), continuing the decline from the previous week. The strengthening of the dollar and the recovery of risk sentiment with the market weighing how severe the economic impact of the Omicron variant of the corona virus was could be the trigger.

Macro Economic News

• Retail sales in Japan increased 0.9% yoy in October 2021, rising for the first time in three months but fell short of a 1.1% consensus forecast, showing the gradual return of private consumption.
• Consumer credit in the United Kingdom increased by GBP 0.706 billion in October of 2021, following an upwardly revised GBP 0.289 billion increase in September and beating market expectations of a GBP 0.4 billion rise.
• Contracts to buy previously owned homes in the United States rose 7.5 percent from a month earlier in October 2021, rebounding from a revised 2.4 percent decline in September and easily beating market expectations of a 0.9 percent increase.

Corporate news

• PT Putra Rajawali Kencana Tbk (PURA) posted revenue of IDR 87.45 billion during the first nine months of this year. The revenue increased by 12.76% from the same period the previous year which was IDR 77.55 billion.
• PT Trisula Textile Industries Tbk (BELL) in the third quarter of 2021 recorded a net profit attributable to the parent company of IDR 2.8 billion, an increase of 277.2% YoY compared to the same period last year with a net loss of IDR 1.6 billion.
• PT Dewata Freight International Tbk (DEAL) recorded revenue of IDR 65.09 billion in the January-September 2021 period. This value decreased 31.18% from the same period last year of IDR 95.56 billion.
• PT Indosterling Technomedia Tbk (TECH) until the third quarter of 2021 achieved operating revenues of IDR 15.08 billion, an increase from operating revenues of IDR 12.69 billion in the same period the previous year.

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