Market Prediction

Yesterday's trading, JCI closed up 0.10% to 6,601.93. Foreign market players recorded a net buy of IDR 130.7 billion (all markets).

Wall Street's three major indexes closed lower as markets assessed a more hawkish shift in global monetary policy and the spread of the Omicron.

Today's market will tend to move sideways and there is a chance to strengthen despite the external pressure.

JCI closed higher with a bullish candle. The stochastic indicator has a golden cross, MACD histogram is moving negative (line is weak) and volume is increasing. After JCI managed to rebound and return above the support trendline, there is a chance for JCI to strengthen again to the resistance levels of 6,661 – 6,671. If JCI moves a bearish candle, the movement can return to support at the range of 6,559 – 6,573.

Commodities Review

• Oil prices fell early on Friday and were on track for a weekly loss as the fast-spreading Omicron COVID variant increased concerns about a potential hit to oil demand, while the hawkish Fed stance of tightening monetary policy next year started to lead to anxiety about economic growth.

Macro Economic News

• The Bank of Japan left its key short-term interest rate unchanged at -0.1% and that for 10-year bond yields around 0% during its final meeting of the year, by an 8-1 vote.
• Retail sales in the UK rose 1.4% mom in November of 2021, above forecasts of 0.8% and were 7.2% higher than their pre-coronavirus February 2020 levels.

Corporate news

• PT Indocement Tunggal Prakarsa Tbk (INTP) recorded sales volume of 1.6 million tons of cement in November 2021. This figure is approximately the same as the previous month's achievement. If accumulated, the achievement of cement sales during the first 11 months of 2021 reached more than 15 million tons. This realization is almost 3% higher than the achievement in the same period last year.
• PT Multipolar Tbk (MLPL) was able to turn a loss into a profit in the first nine months of this year, which posted net sales of IDR 7.42 trillion. Realization was down 2.07 percent compared to the same period last year worth IDR 7.57 trillion.
• PT First Media Tbk (KBLV) targets revenue in 2022 of IDR 122 billion. As of September 2021, KBLV recorded revenues of IDR 108.51 billion, down 22 percent year on year (yoy) from IDR 139.79 billion as of September 2020.
• PT NFC Indonesia Tbk (NFCX) and PT Bumilangit Digital Mediatama (BLDX), signed a Memorandum of Understanding ( MoU) with PT Telekomunikasi Selular (Telkomsel), a subsidiary of PT Telekomunikasi Indonesia (TLKM) related to the collaboration of co-branding, distribution, and marketing of Telkomsel physical voucher products using character designs and artwork managed by BLDX.

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