Market Prediction

Yesterday's trading, JCI closed up 0.10% to 6,554.31. Foreign market players recorded a net sell of IDR 331.38 billion (all markets).

All three major Wall Street indexes managed to rebound after three consecutive days of declines. President Joe Biden reiterated Tuesday that the government will not reinstate the strict lockdown and will buy 500 million home Covid tests that will be free for Americans.

The market today has a chance to strengthen again in response to the strengthening in the US and European markets last night.

JCI closed higher with a bullish candle. The bearish stochastic indicator is approaching the oversold area, MACD histogram is moving negative (line is weak) and volume is falling. If JCI moves bullish there is a chance to strengthen to the resistance at the range of 6,579- 6,598. If JCI moves in bearish candle, it could continue to test support at level 6,531 again, if it breaks down from that level, it may go down further to 6,509.

Commodities Review

• Oil prices rebounded on Tuesday (21/12) after a sharp decline in the previous session. Investors' appetite for risk increased, although they remained cautious amid the rapid spread of the Omicron coronavirus variant around the world.
• Gold prices fell on Tuesday (21/12) as the dollar recovered some of its losses. Meanwhile appetite for risk assets is reemerging as investors ignore the economic risks posed by the Omicron coronavirus variant.

Macro Economic News

• The current account gap in the US widened to $214.8 billion, or 3.7% of the GDP in the third quarter of 2021 from an upwardly revised $198.3 billion in the prior period and compared to forecasts of a $205 billion shortfall.
• The consumer confidence indicator in the Euro Area fell by 1.5 points from a month earlier to -8.3 in December of 2021, worse than market expectations of -8, a preliminary estimate showed.

Corporate news

• PT United Tractors Tbk (UNTR) recorded sales of Komatsu heavy equipment of 2,950 units until November 2021. This number shot up 99.18% of Komatsu's sales in the same period last year of 1,481 units.
• Car sales of PT Astra International Tbk. (ASII) was recorded at 437,803 units throughout the 11 months of 2021, up 80.12 percent compared to 243,052 units in the same period last year.
• PT Multistrada Arah Sarana Tbk (MASA) on December 17, 2021, has acquired the 99.92% ownership of PT Michelin Indonesia (MI) from its affiliate, CGEM which is the controlling shareholder of the Company.

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