Market Prediction

Yesterday, JCI closed down -0.27% to a level of 6,895.66. Foreign market players recorded a net sell of IDR 573.61 billion (all market). The top 5 foreign net buy stocks are BBRI (107.4B), BBNI (66.5B), ASII (12.4B), LSIP (7.6B) & MYOR (6.1B). As for the top 5 foreign net sellers, such as BBCA (150.7B), GOTO (111.6B), ISAT (60.7B), ADRO (49.4B) & MDKA (31.6B).

Wall Street's main indexes closed lower (DJI - 1.26%, GSPC -1.38%, IXIC -1.78%). EIDO closed down -0.47%. Better-than-expected producer inflation report raised fears that the Fed will tighten monetary policy further.

Today's JCI is expected to tend to move weaker to the nearest support. JCI closed lower with a bearish candle. Stochastic indicator is bullish, MACD histogram is moving positive but down (line flat) and volume is increasing. If it moves bearish, JCI is expected to weaken to the support at the range of 6,838 – 6,854.

If JCI is able to move bullish, there is a chance for JCI to go to the resistance at the range of 6,941 – 6,961. Commodities Review

• Crude oil prices rose in Asian pre-noon trade today after OPEC and the International Energy Agency raised their demand forecasts for the year, shaking off EIA’s latest weekly inventory report that estimated a large inventory build in the United States. 

Macro Economic News

• The value of loans in Indonesia increased 10.53 percent in January of 2023 over the same month in the previous year, the least in eight months, after a 11.35% rise in December 2022, due to a seasonal decline in business activity.

• The Bank of Indonesia (BI) kept the key 7-day reverse repurchase rate unchanged, as widely expected, at the over-three-year high of 5.75% during its February meeting in 2023 after delivering the sixth straight hikes.

• Japan's trade deficit widened to a record high of JPY 3,496.6 billion in January 2023 from JPY 2,199.4 billion in the same month a year earlier, compared with market consensus of a gap of JPY 3,871.5 billion.

• Building permits in the United States rose 0.1% from a month earlier to a seasonally adjusted annual rate of 1.3 million in January 2023, hovering close to the lowest since May 2020, a preliminary estimate showed.

• Producer prices for final demand in the US increased 0.7% month-over-month in January of 2023, the most in seven months and higher than Economic Calendar market forecasts of 0.4%. 

Corporate news

• PT Vale Indonesia Tbk (INCO) recorded a net profit of US$ 200.32 million in 2022. This realization increased by 19.80% from the net profit obtained in 2021 of US$ 167.20 million.

• The production of PT Adaro Minerals Indonesia Tbk (ADMR) which reached 3.37 million tons in FY22 was equivalent to a 47% increase from 2.30 million tons in FY21.

• PT Bank Tabungan Negara Tbk (BBTN) throughout 2022 recorded a net profit of IDR 3.04 trillion. It jumped 28.15 percent from the same period in 2021 amounting to IDR 2.37 trillion.