Market Prediction

Last Friday's trading, JCI closed down 0.69% to 6,538.51. Foreign market players recorded a net sell of IDR 527.68 billion (all markets).

Wall Street's main indexes closed in negative area during mixed US economic data along with a series of hawkish remarks by Federal Reserve officials, while concerns over the new Omicron Covid-19 variant escalated. The stronger-than-expected ISM report rekindled fears of inflationary pressures and rising interest rates.

Today's market is overshadowed by downward pressure but still has a chance to strengthen.

JCI closed down with a bearish candle. The stochastic indicator has a golden cross, MACD histogram is moving negative again (bearish line) and volume is down. If JCI moves bullish again, there is a chance to strengthen again to the resistance at the range of 6,592 – 6,600. If JCI moves in a bearish candle, the movement can return to support at the range of 6,480 – 6,494.

Commodities Review

• WTI crude futures erased early gains to fall towards $66 a barrel on Friday, after rising as much as 2% to above $68 tracking a sentiment of risk-off that took hold in markets.
• Nickel futures traded just above $20,000 a tonne at the beginning of December, slipping from a near-decade high of $21,036 hit on November 24th, as traders worry about the impact of the Omicron coronavirus variant on demand.

Macro Economic News

• The Caixin China General Services PMI declined to 52.1 in November 2021 from 53.8 in the prior month, pointing to the weakest growth in three months, amid a rise in COVID-19 infections.
• The US economy added just 210 thousand jobs in November, the least since a 306 thousand decline in December 2020 and well below market expectations of 550 thousand, as employers continue to report difficulties in hiring and retaining workers amid a strong economic recovery.
• The US unemployment rate fell by 0.4 percentage points to 4.2 percent in November of 2021 from 4.6 percent in October and well below market expectations of 4.5 percent.

Corporate news

• PT Indah Prakasa Sentosa Tbk (INPS) for the nine months of 2021 was recorded as still bearing a net loss attributable to the owners of the parent entity, which was recorded at IDR 3.15 billion or decreased from a loss of IDR 11.20 billion the previous year.
• PT Kioson Komersial Indonesia Tbk (KIOS) until the third quarter of 2021 managed to record a net profit of IDR 2.2 billion or grew 113.4% from a record loss of IDR 12.6 billion in the same period last year (YoY).
• PT ABM Investama Tbk (ABMM) until the third quarter of 2021 posted a net profit of USD 94,454 million, an improvement compared to the same period in 2020, which recorded a net loss of USD 5,373 million.
• PT Petrosea Tbk (PTRO) made changes to the bauxite project work contract with an increase in value to USD 100 million for five years from PT Mekko Metal Mining as the employer and PT Perkasa Investama as the guarantor of the employer.

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