Market Prediction
Yesterday, JCI closed up +1.28% to a level of 6,923.03. Foreign market players recorded a net sell of IDR 284.32 billion (all market).
Wall Street's main indexes closed mixed (DJI +0.11%, GSPC -0.41%, IXIC -1.38%). EIDO closed up +0.54%. As investors welcomed news that China would end quarantine for arriving visitors, paving the way for a quicker reopening of the world's second largest economy.
Today's JCI is expected to continue strengthening towards the next resistance. JCI closed higher with a bullish candle. Stochastic indicator is bullish, MACD histogram is moving positive (golden cross line) and volume is increasing. If JCI is able to move bullish, there is a chance for JCI to strengthen again to the resistance at the range of 6,990 – 7,011. If it is bearish again, JCI is expected to move again to the support at the range of 6,858 – 6,892.
Commodities Review
• Oil prices rose to their highest in three weeks as China's latest easing of Covid19 restrictions boosted hopes of an increase in fuel demand. Concerns that winter storms across the United States (US) are affecting energy production are also supporting oil prices.
Macro Economic News
• The Composite Consumer Sentiment Index (CCSI) was at 89.9 in December of 2022, rebounding from the four-month low of 86.5 in the prior month.
• Retail Sales in Japan decreased 1.10 percent in November of 2022 over the previous month.
• The US trade deficit in goods narrowed by 15.6 percent from a month earlier to USD 83.3 billion in November 2022, the largest decline since 2009, an advance estimate showed
Corporate news
• PT Adhi Karya (ADHI) is accelerating the completion of the Solo-Yogyakarta-YIA Kulonprogo Toll
Road. This is in line with the disbursement of loans worth IDR 9.89 trillion. Funding guarantees
through syndicated loans flow through the pockets of the toll road management body, PT Jogja
Solo Marga Makmur (JMM).
• Together with PT Jaya Construction Tbk. (JKON), PT Wijaya Karya (Persero) Tbk. (WIKA) was
appointed by the Ministry of PUPR to work on the Jakarta Sewerage Development Project (JSDP)
with a contract value of IDR 3.33 trillion.
