Market Prediction

Last Friday's trading, JCI closed up 0.14% to 6,652.92. Foreign market players recorded a net sell of IDR 721.5 billion (all markets).

All three major Wall Street indexes closed higher in response to rising inflation in line with consensus.

Today, the market has limited opportunities to strengthen to the nearest resistance.

JCI closed higher with a bullish candle. The stochastic indicator is bullish, MACD histogram is moving in a positive direction (potential golden cross line) and volume is falling. If JCI moves bullish again, there is a chance to strengthen again to the resistance at the range of 6,679 – 6,694. If JCI moves a bearish candle, the movement can return to support at the range of 6,605 – 6,621.

Commodities Review

• Following one of the biggest daily collapses in the past two decades at the end of November, oil prices have rebounded in recent days in a mini relief rally and were headed early on Friday to their largest weekly gain since August.
• Nickel futures traded below $20,000 a tonne in the second week of December, slipping from a 2-week high of $20,384.5 hit on December 8th, amid prospects of the rising supply as the power crisis in China eased allowing smelters to increase the output, at the same time that the Tsingshan Group, a Chinese group, has started nickel production in Indonesia.

Macro Economic News

• The British economy expanded 0.1% month-over-month in October of 2021, the lowest performance in 3 months and below market forecasts of 0.4%.
• The UK trade deficit narrowed to GBP 2.027 billion in October 2021 from the previous month's eight-month high of GBP 2.777 billion, amid reports of challenges derived from Brexit, the COVID-19 pandemic, rising energy prices and supply chain disruption
• Annual inflation rate in the US accelerated to 6.8% in November of 2021, the highest since June of 1982, and in line with forecasts.
• The University of Michigan's consumer sentiment for the US increased to 70.4 in December of 2021 from a 10-year low of 67.4 in November, beating market forecasts of 67.1, preliminary estimates showed.

Corporate news

• The performance of PT Tower Bersama Infrastructure Tbk (TBIG) increased in the third quarter of this year which recorded an increase in net profit of 76.3% on an annual basis and 5.1 percent on a quarterly basis to IDR 418 billion. As a result, in nine months of this year, TBIG posted a net profit of IDR 1.1 trillion, up 44.6% year on year (yoy).
• PT. Bukit Asam Tbk (PTBA) recorded a net profit of IDR 7.0 trillion until November 2021. The achievement of this net profit was supported by operating income of IDR 26.2 trillion.
• PT TBS Energi Utama (TOBA) through its subsidiary PT Karya Baru TBS established a joint venture with Gojek. Karya Baru TBS established a joint venture labeled PT Energi Kreasi Bersama with Rekan Anak Bangsa.

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