Market Prediction

Yesterday, JCI closed down 1.13% to 6,533.93. The weakening of the index was due to the market response to Moderna CEO Stephane Bancel's statement about the vaccine being less effective against the Omicron variant. Foreign market players recorded a net sell again of IDR 973.79 billion (all markets).

Wall Street's three major indexes closed significantly lower after Federal Reserve Chair Jerome Powell said the central bank would discuss accelerating bond-buying cuts at its December meeting and as concerns about the Omicron variant resurfaced.

Today's market is expected to continue weakening after the release of PMI data this morning which fell to 53.9 points in November from 57.2 points in October 2021 or below the forecast of 57.4. Then the market is also focused on the release of inflation data for November amid negative sentiment from the Omicron variant.

JCI closed down with a bearish candle. The stochastic indicator weakened again, MACD histogram is moving negative (bearish line) and volume is increasing. If JCI moves bearish, it is expected to continue down to support at the range of 6,465 – 6,487. If JCI moves bullish again, there is a chance to strengthen again to the resistance at the range of 6,583 – 6,592.

Commodities Review

• Oil prices tumbled on Tuesday after Moderna's chief cast doubt on the efficacy of COVID-19 vaccines against the Omicron coronavirus variant, spooking financial markets and heightening worries about oil demand. Crude futures ended November with their biggest monthly declines since the outset of the pandemic, as the new variant, along with expectations that coming emergency reserve releases will juice growing supply, has cut the legs out of the market's year-long rally.

Macro Economic News

• The official NBS Manufacturing PMI for China rose to 50.1 in November 2021 from 49.2 a month earlier, beating market estimates of 49.6.
• The Eurozone consumer price inflation is expected to accelerate to 4.9 percent year-on-year in November 2021, from 4.1 percent in the previous month and above market expectations of 4.5 percent, a preliminary estimate showed.

Corporate news

• PT Bayan Resources Tbk (BYAN) in the first nine months of 2021, managed to record a net profit of USD 650.32 million, an increase of 501.85 percent compared to the same period in 2020 of USD 108.22 million.
• PT Trisula International Tbk (TRIS) in the third quarter of 2021 recorded sales of IDR 770.8 billion, a decrease compared to the same period last year.
• PT Temas Tbk (TMAS) during January-September 2021 period achieved revenue of IDR 2.35 trillion until the third quarter of 2021. This value shot up 21.13% from the same period the previous year with revenues of IDR 1.94 trillion.
• The performance of PT Bumi Resources Tbk (BUMI) was able to get a net profit of USD 243.3 million in the third quarter of 2021. In the same period last year, BUMI suffered a net loss of USD 94.1 million in the same period last year.

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