Market Prediction

Yesterday's trading, JCI closed higher by 0.84% to level of 6,602.57. Inline strengthening with the majority of Asian indexes which closed higher. Foreign market players recorded a net sell of IDR 54.23 billion (all markets).

Wall Street's main indexes closed higher after a tech-led rally in the previous session, as stocks continued to recover from the Omicron sell-off. Meanwhile, investors are also weighing the possibility that the Federal Reserve will accelerate the reduction of stimulus and raise interest rates sooner than expected.

The market today has a chance to strengthen again as fears of the previous Omicron variant have begun to subside and plus the release of data, Indonesia's Foreign Exchange Reserves increased to 145,900 USD Million in November from 145,500 USD Million in October 2021.

JCI closed higher with a bullish candle. The stochastic indicator is bullish, MACD histogram is moving in a positive direction (bearish line) and volume is increasing. If JCI moves bullish again, there is a chance to strengthen again to the resistance levels of 6,636 – 6,647. If JCI moves a bearish candle, the movement can return to the support at the range of 6,547 – 6,573.

Commodities Review

• Oil prices jumped again more than three percent in late Wednesday morning trading in Asia as concerns about the impact of the Omicron coronavirus variant on global fuel demand eased.

Macro Economic News

• Foreign Exchange Reserves in Indonesia increased to 145900 USD Million in November from 145500 USD Million in October of 2021.
• China's trade surplus narrowed to USD 71.7 billion in November 2021 from USD 74.25 billion in the same month a year earlier, and far below market forecasts of USD 82.75 billion.
• The US trade deficit narrowed sharply to $67.1 billion in October of 2021 from a record high $81.4 billion gap in September and in line with market forecasts of $66.8 billion.

Corporate news

• PT Alam Sutera Realty Tbk (ASRI) began to record performance improvements. Although ASRI still recorded a loss of IDR 139 billion until the end of September 2021, this record was much better considering that in the same period the previous year the loss reached IDR 1 trillion.
• PT Bukaka Teknik Utama Tbk. (BUKK) won a cooperation contract for the Callender Hamilton bridge replacement or duplication project in Java. BUKK through its subsidiary PT Baja Titian Utama signed a government cooperation agreement with Business Entities (KPBU) with the Ministry of Public Works and People's Housing with an investment value of IDR 2.19 trillion.
• PT Puri Global Sukses Tbk (PURI) said that the company had just won a Bored Pile Foundation Work Cooperation contract for 4 tower units.
• PT Inocycle Technology Group (INOV) recorded a positive performance until the third quarter of 2021, which recorded sales of IDR 464.6 billion, an increase of 22.8 percent from the same period last year. Inocycle's sales as of September 2021 were dominated by the domestic market at 89.3 percent or IDR 414.8 billion, while export sales were IDR 49.8 billion.

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