Market Prediction

Previous trading, JCI closed up +0.25% to a level of 6,856.58. Foreign market players recorded a net buy of IDR 77.13 billion (all market). The top 5 foreign net buy stocks are BMRI (81.2B), ESSA (78.7B), TLKM (59.4B), GOTO (50.9B) & MDKA (50.7B). As for the top 5 foreign net sellers, such as BBCA (87.9B), UNVR (22.9B), ARTO (12.6B), ITMG (11.6B) & SMGR (10.4B).

Wall Street's main indexes closed lower (DJI - 1.02%, GSPC -1.05%, IXIC -1.69%). EIDO closed down -0.52%. As investors remained concerned after another stronger-than-expected inflation report hinted at further rate hikes. Today's JCI is expected to move sideways with a tendency to weaken. JCI closed higher and slightly reversed after touching the nearest resistance. Stochastic golden cross indicator, MACD histogram is negative (bearish line) and volume is decreasing. If it moves bearish, JCI is expected to weaken to the support range of 6,815 – 6,839. If JCI is able to move bullish, there is a chance for JCI to go to the resistance at the range of 6,880 – 6,906.

Commodities Review

• Oil prices rose more than 1%. The rise in oil prices was supported by Russia's plan to cut production by 500 thousand barrels per day next month.

Macro Economic News

• Money Supply M2 in Indonesia increased to 8271700 IDR Billion in January 2023 from 8255000 IDR Billion in December of 2022.

• Personal income in the United States rose by 0.6 percent from a month earlier in January 2023, accelerating from an upwardly revised 0.3 percent gain in December but missing market expectations of 1.0 percent growth.

• Personal spending in the US jumped 1.8% month-over-month in January of 2023, rebounding from a downwardly revised 0.1% drop in December and beating market forecasts of a 1.3% rise

• Core PCE prices in the US, which exclude food and energy, jumped by 0.6% month-over month in January of 2023, the most since August, following an upwardly revised 0.4% increase in the previous month and above market estimates of 0.4%.