Market Prediction

Yesterday's trading, JCI closed down by -0.64% to 6,647.97. Foreign market players recorded a net foreign buy of IDR 1.06 trillion (all markets).

Wall Street's main indexes closed higher (DJI +0.51%, GSPC +0.92%, IXIC +1.41%). The Fed confirmed it will strengthen tightening in taming inflation.

The market today has a chance to strengthen again after the market responded positively to the Fed's plan.

JCI closed lower with a bearish candle. The stochastic indicator is weak, MACD histogram is moving positive but down (bullish line) and volume is increasing. JCI could test level 6,621, if JCI breakdown continues, it may move to the support range of 6,581 – 6,593. If it is bullish or rebounds after touching 6,621, there is a chance for JCI to strengthen again to the resistance at the range of 6,677 - 6,688.

Commodities Review

• Oil soared nearly 4% on Tuesday, supported by tight supply and expectations that rising coronavirus cases and the spread of the Omicron variant will not derail a global demand recovery.

Macro Economic News

• South Korea’s current account surplus narrowed to $7.16 billion in November 2021 from a surplus of $9.18 billion tallied a year earlier, as imports increased due to high energy and raw materials prices.
• Motorbike Sales in Indonesia decreased to 387797 Units in December from 463586 Units in November of 2021.
• The IBD/TIPP Economic Optimism Index in the US fell sharply to 44.7 in January of 2022 from 48.4 in December, a sign Americans turned more pessimistic as omicron case-levels exploded and inflation continued to hit generational highs.

Corporate news

• PT Bukaka Teknik Utama (BUKK) will increase the capital of its subsidiary, namely PT Bukaka Mega Investama (BMI) to a maximum of IDR 1.5 trillion. The capital increase is carried out in stages according to the needs of BMI.
• PT Krakatau Steel Tbk (KRAS) said that it continues to develop its downstream program as part of increasing sales. Throughout 2021, Krakatau Steel's revenue from this downstream program reached IDR 312 billion, an increase of 5.7 times compared to the beginning of the downstream program in 2020 which was IDR 47 billion.
• PT Metrodata Electronics Tbk (MTDL) in collaboration with a software company from California, Anaplan, presents an enterprise performance management (EPM) system based on cloud computing.

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