Market Prediction

Yesterday's trading, JCI closed up 0.13% to 6,547,11. Foreign market players recorded a net sell of IDR 210 billion (all markets).

Wall Street's three major indexes closed rebounding after last week's sharp sell-off as investors continued to bet on a strong economic recovery amid reports suggesting that the Omicron variant of coronavirus could cause milder illness than previously feared.

Today's market is expected to tend to move sideways with a chance to strengthen. As for today, there are domestic data releases that the market can watch: November's foreign exchange reserves & October's motorcycle sales.

JCI closed slightly higher with a bearish candle. The stochastic golden cross indicator, 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 6,585 – 6,600. If JCI moves a bearish candle, the movement can return to support at the range of 6,484 – 6,509.

Commodities Review

• Oil prices rose nearly 5% on Monday (6/12), amid hopes the Omicron coronavirus variant will have a less damaging economic impact. Several OPEC member countries signaled confidence in the market.
• Gold prices fell on Monday (6/12) as sentiment for risk assets improved and the dollar strengthened. Moves were limited by the overall uncertainty over the Omicron coronavirus variant ahead of this week's US inflation figures.

Macro Economic News

• South Korea’s current account surplus narrowed to USD 6.95 billion in October of 2021 from USD 11.55 billion in the corresponding month of the previous year, it was the 18th consecutive month with a surplus.
• The IHS Markit/CIPS UK Construction PMI rose to 55.5 in November 2021, from 54.6 in the previous month, indicating a robust and accelerated expansion of overall construction activity as commercial work rose the most since July.

Corporate news

• PT J Resources Asia Pacific Tbk (PSAB) until the third quarter of 2021 recorded a net loss of USD 15.91 million, an increase compared to the same period in 2020, which recorded a loss of USD 4,381 million.
• PT Zebra Nusantara Tbk (ZBRA) until the third quarter of 2021 lowered its net profit to IDR 30.9 billion, from the previous report of IDR 33.593 billion.
• PT Itama Ranoraya Tbk (IRRA) again received a contract for 88 million Auto Disable Syringe (ADS) syringes of 88.7 million units. With this acquisition, the Company has booked a contract for the supply of syringes for the government vaccination program, a total of 141 million ADS (Auto Disabled Syringe) syringes.
• PT Bank BTPN Tbk (BTPN) provided PT Kepland Investama with a green loan facility of IDR 1.06 trillion as a manifestation of Bank BTPN's commitment to sustainable financing that considers environmental, social and governance aspects.

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