Market Prediction

Yesterday, JCI closed up 0.14% to 6,662.87. Foreign market players recorded a net sell of IDR 659.09 billion (all markets).

Wall Street's three major indexes closed in the negative zone. The decline was as investors remained cautious ahead of major central bank decisions this week including the Fed and continued to monitor developments around the new variant of the omicron.

Today's market is expected to move lower first and after that if it is able to hold on above the support area there is a chance to strengthen again.

JCI closed higher with a bearish candle. The stochastic indicator is in the overbought area, MACD histogram is moving in a positive direction (potential golden cross line) and volume is increasing. If JCI moves a bearish candle, the movement can return to support at the range of 6,621 – 6,627. If JCI moves bullish again, there is a chance to strengthen again to the resistance at the range of 6,688 – 6,698.

Commodities Review

• Gold and silver prices today edged higher amid steady global rates. Gold prices had jumped on Friday following data showing U.S. consumer prices rose further in November, leading to the largest annual gain since 1982.

Macro Economic News

• The Bank of Japan's index for big manufacturers' sentiment stood at 18 in the final quarter of 2021, matching an almost 3-year high hit in the previous quarter but below market forecast of 19.
• Core machinery orders in Japan, excluding volatile ones for ships and those from electric power companies, increased MoM on a seasonally adjusted basis by 3.8% in October of 2021, beating market expectations for a 2.1% gain.

Corporate news

• PT Bekasi Fajar Industrial Estate (BEST) in the third quarter of 2021, BEST's revenue decreased 41% on an annual basis to IDR 117 billion. Meanwhile, the net loss managed to shrink from IDR 107.47 billion in the same period last year to IDR 90.72 billion.
• PT Temas Tbk (TMAS) recorded a significant performance growth throughout 2021 to the third quarter of 2021, which pocketed an operating profit of IDR 313.91 billion with a net profit of IDR 623.26 billion.
• PT Sarana Menara (TOWR) has again received a bank loan facility. This time, the injection of tactical funds of IDR 1 trillion from Bank Central Asia (BBCA). This complements the IDR 3 trillion banking facility from BTPN and CIMB Niaga previously obtained.
• PT Fajar Surya Wisesa Tbk (FASW) stated that it had signed a loan facility with a subsidiary. FASW signed an inter-company loan facility agreement with its subsidiary PT Dayasa Aria Prima worth USD 30 million. The loan has a term of 7 years.

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