Market Prediction

Previously, JCI closed up +0.50% to level of 6,821.81. Foreign market players recorded a net buy of IDR 1.38 trillion (all market). The top 5 foreign net buy stocks are BBCA (398.3B), ASII (211.1B), TLKM (159.9B), ADRO (144.7B) & BMRI (108.8B). As for the top 5 foreign net sellers, such as SMGR (31.5B), PGAS (22.5B), DMMX (18.1B), CPIN (9.4B) & ARTO (8.7B).

Wall Street's main indexes closed lower (DJI -1.02%, GSPC -1.58%, IXIC -1.98%). EIDO closed down - 0.38%. As investors have seen the latest corporate earnings results for clues about the health of US economy. Today's JCI is expected to move sideways with a downward trend.

JCI closed lower with a bullish candle. Stochastic indicator is increasing, MACD histogram is moving positive (bullish line) and volume is increasing. If JCI is able to move bullish, there is a chance for JCI to go to the resistance at the range of 6,838 – 6,860. If it moves bearish, JCI is expected to weaken to the support range of 6,765 – 6,787.

Commodities Review

• Oil dropped 2% to its lowest this month on Tuesday after two sessions of gains, as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand.

Macro Economic News

• South Korea’s economy expanded 0.3% QoQ in the first quarter of 2023, following a 0.4% contraction in the previous period, which marked the first negative reading since the second quarter of 2020.
• Sales of new single-family houses in the US unexpectedly jumped 9.3% month-over-month to a seasonally adjusted annualised rate of 683K in March of 2023, the highest in a year, and beating forecasts of 630K.

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