Market Prediction

Yesterday's trading, JCI closed down by 0.83% to 6,547.11. Foreign market players recorded a net buy of IDR 543.77 billion (all markets).

Wall Street's three main indexes fell again, amid concerns about the rapid spread of the Omicron variant of the coronavirus and its impact on the global economic recovery.

The market today will tend to move lower first and after that there is a chance for a rebound.

Commodities Review

• Oil prices slumped due to soaring cases of the Omicron variant of the coronavirus in Europe and the United States (US). That sparked investor concerns that new restrictions to combat its spread could dampen demand for the fuel.
• Gold prices were lower at the start of the week. This happened as investors tried to gauge the impact of soaring cases of the Omicron variant of the coronavirus and the extent to which the Federal Reserve's interest rate hikes had on soaring inflation.

Macro Economic News

• The People's Bank of China at the December fixing slashed its one-year loan prime rate by 5 bps to 3.80 percent, the first such move since April 2020, in a bid to support growth in the slowing economy amid property debt woes and persistent COVID-19 outbreaks.
• The Confederation of British Industry's order book balance declined to +24 in December 2021, down 2 points from the previous month's record high of +26, according to the latest monthly CBI Industrial Trends Survey.

Corporate news

• PT Medco Energi Tbk (MEDC) as of the third quarter of 2021 recorded an EBITDA of USD 508 million, an increase of 25 percent from the same period in the previous year.
• PT Totalindo Eka Persada Tbk (TOPS) until September 2021 recorded a new contract of IDR 303 billion. The target for the New Contract until the end of 2021 is IDR 1.5 trillion. Meanwhile, revenue as of September 30, 2021, which was IDR 450.1 billion, increased by 190% compared to September 30, 2020, which was IDR 155.2 billion.
• PT Ace Hardware Indonesia Tbk (ACES) will add new outlets located at Living Plaza Medan, North Sumatra and at Cirendeu Plaza, Tangerang, Banten.

PT Kiwoom Sekuritas Indonesia (KSI)

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