Market Prediction

Yesterday's trading, JCI closed up 0.16% to level of 6,626.26. Foreign market players recorded a net sell of IDR 595.46 billion (all markets).

All three of Wall Street's main indexes managed to rise after the Federal Reserve signaled a more aggressive release from its monthly bond purchases. As expected by the market and forecast some rate hikes in the next year.

Today's market is expected to strengthen again. Today there will be the release of interest rates which are expected to continue to support economic growth and maintain exchange rate stability.

JCI closed higher with a bullish candle. The stochastic indicator is bearish, MACD histogram is moving negative again (line is weak) and volume is increasing. If JCI moves to a bearish candle, the movement could return to the support at 6,598, if it breaks down from that level, it can further go down to 6,573. If JCI moves bullish again, there is a chance to strengthen again to the resistance at the range of 6,662 – 6,598.

Commodities Review

• Oil prices edged higher on Wednesday, rebounding from early losses after U.S. inventory data showed strong consumer demand and as the Federal Reserve said it would end its pandemic-era bond purchases in March to slow rising inflation.

Macro Economic News

• Indonesia's trade surplus widened to USD 3.51 billion in November of 2021 from USD 2.61 billion in the same month of the previous year and compared with market consensus of USD 4.45 billion.
• China's retail trade growth eased to 3.9 percent year-on-year in November 2021 from 4.9 percent in the previous month, missing market expectations of a 4.6 percent increase, as consumption moderated amid widespread COVID-19 outbreaks.
• The consumer price inflation rate in the United Kingdom rose to 5.1 percent year-on-year in November 2021, from 4.2 percent in the previous month and above market expectations of 4.7 percent.
• US retail trade rose 0.3 percent from a month earlier in November 2021 after surging 1.8 percent in October and well below market expectations of 0.8 percent, adding to signs of slowing domestic demand amid the fastest inflation in decades.

Corporate news

• PT Krakatau Steel Tbk (KRAS) posted a profit of IDR 1.06 trillion until November 2021, with revenue of IDR 30 trillion or an increase of 66.8% year on year (yoy) compared to revenue in the same period in 2020.
• PT Berlina Tbk (BRNA) still recorded an unsatisfactory performance until the third quarter of 2021. For sales throughout 2021, BRNA said it was projected to be 5.5 percent lower than 2020 sales, or decreased by 13 percent in the last two years.
• Indah Kiat Pulp & Paper Tbk (INKP) stated that it has pocketed dividend income from its subsidiary, Imperial Investment Limited, amounting to USD 2,389,437.

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