Market Prediction

Yesterday's trading, JCI closed down by -0.13% to 6,653.35. Foreign market players recorded a net buy of IDR 645.18 billion (all markets).

Wall Street's main indexes closed lower (DJI -0.47%, GSPC -0.10%, IXIC -0.13%). This decline was caused by technology stocks which continued their decline.

There is a chance for the market to strengthen today after it fell to test the support and managed to rebound.

JCI closed lower with a bearish candle. The stochastic indicator is bearish, MACD histogram is moving positive (golden cross line) and volume is down. After JCI had dropped to touch the nearest support, there is a chance for JCI to strengthen to resistance at the range of 6,688 - 6,714. If JCI moves in a bearish candle, it could move back to the support levels of 6,610 – 6,621.

Commodities Review

• Oil price increase being extended on Thursday gains from the previous three sessions, despite the fact that the U.S. Energy Information Administration (EIA) reported on Wednesday a large decline in implied gasoline demand in the United States.

Macro Economic News

• The Caixin China General Services PMI increased to 53.1 in December 2021 from 52.1 in the prior month, marking the fourth straight month of expansion.

Corporate news

• PT Metropolitan Land Tbk (MTLA) until November 2021 noted that the progress of marketing sales had reached 92% of the target or equivalent to IDR 1.47 trillion. In comparison, this achievement grew 38% year on year.
• Until September 2021, PT Inocycle Technology Group Ltd (INOV) managed to record sales growth of 22.8 percent year on year (YoY) or recorded at IDR 464,6 billion. In terms of net profit, INOV managed to turn losses into profits in the third quarter of 2021, which was recorded at IDR 25.7 billion, an increase of 253.6 percent.
• PT Aneka Tambang Tbk (ANTM) still recorded significant losses in its bauxite and alumina business. As of September 30, 2021, ANTM recorded a loss of IDR 507.4 billion in the bauxite and alumina sectors. This number dropped from the same period the previous year which earned a profit of IDR 50.9 billion.

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