Market Prediction

Yesterday, JCI closed down -0.21% to a level of 6,804.23 Foreign market players recorded a net sell of IDR 1.68 trillion (all market).

Wall Street's main indexes closed higher (DJI +0.55%, GSPC +0.75%, IXIC +1.13%). EIDO closed up +0.79%. As investors continue to assess the growth outlook and monetary policy trajectory while waiting pending key economic data.

Today's JCI is expected to have the opportunity to move higher to the nearest resistance. Today, there is the release of Indonesia’s retail sales data for October period which is expected to grow by 4.4% yoy (Prev. 4.6%).

JCI closed slightly down and a technical rebound occurred after briefly touching support. The stochastic indicator has a golden cross opportunity, MACD histogram is negative (the line is weakening) and volume is decreasing. If it returns to bearish, JCI is expected to continue weakening to the support at the range of 6,716 – 6,747. If JCI is able to move bullish, there is a chance for JCI to strengthen again to the resistance at the range of 6,862 – 6,892.

Commodities Review

• Oil prices fell which lead to a clear sign of bearish sentiment in the oil market despite the recent price cap. Despite bearish sentiment, Standard Chartered says that the downside to oil is limited as fundamentals are supportive and there are no major bearish catalysts looming. 

Macro Economic News

• The Japanese economy shrank 0.2% quarter-onquarter in the three months to September 2022, compared with flash data of a 0.3% fall and after a 1.1% growth in the previous period.

• Indonesia's consumer confidence declined to 119.1 in November 2022 from 120.3, amid a decline in the index of current income due to rises in fuel prices and decreasing in availability of jobs.

• The number of Americans filing new claims for unemployment benefits edged higher by 4K to 230K in the week ending December 3rd, matching market expectations. 

Corporate news

• PT Wijaya Karya Gedung Gedung Tbk (WEGE) managed to record new contracts of IDR 4.24 trillion in January-November 2022 period. This figure recorded an increase of 107% year on year.

• PT Perintis Triniti Tbk (TRIN) posted marketing revenue of IDR 870.3 billion until November 2022. The company's marketing revenue increased 170% compared to the achievement of the company's marketing revenue throughout 2022.

• PT Asuransi Maximus Graha Persada Tbk (ASMI) until the third quarter of 2022 recorded a premium income growth of 331% on an annual basis (YoY) to IDR 1.06 trillion when compared to the same period last year.