Market Prediction

Yesterday, JCI closed up +0.14% to the level of 6,860.08. Foreign market players recorded a net sell of IDR 1.70 trillion (all market). Wall Street's main indexes closed higher (DJI +1.05%, GSPC +1.75%, IXIC +2.59%). EIDO closed up +1.82%. The cooler jobs data eased fears that the Federal Reserve will have to raise interest rates aggressively to tame the tight labor market. Today's JCI is expected to move higher towards the nearest resistance. JCI closed higher with a bullish candle. Stochastic indicator is bearish, 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 to the resistance at the range of 6,933 – 6,953. If it is bearish again, JCI is expected to move again to the support at the range of 6,786 – 6,796.

Commodities Review

Gold moved higher on Thursday (29/12), helped by a decline in the dollar. Initial jobless claims data showed a cooling in the US labor market, easing worries about a tougher Federal Reserve interest rate hike next year. JAKARTA COMPOSITE INDEX 2 December 30, 2022 Morning

Macro Economic News

• Retail Sales in South Korea decreased 1.80 percent in November of 2022 over the previous month

• The number of Americans filing new claims for unemployment benefits rose by 9K to 225K in the week ending December 24th, in line market expectations of 225K.

• Industrial production in South Korea fell by 3.7% year-on-year in November of 2022, the most since August 2020 and picking up from the upwardly revised 1.2% decline in the prior month 

Corporate news

• PT PP Properti Tbk (PPRO) recorded an increase of up to 70 percent of actual sales of the apartment segment in 2022. This segment contributes up to 80 percent of PPRO's total revenue. While the rest comes from recurring income or recurring income.

• PT GTS Internasional Tbk. (GTSI) managed to record a solid performance by turning losses into profits throughout 2022. The GTSI recorded unaudited revenue of US$ 41.65 million in 2022. This revenue achievement jumped 35.4 percent compared to the same revenue the previous year of US$ 30.76 million