KSI MORNING REPORT

Market Prediction

Yesterday, JCI closed down -0.22% to level of 6,618.92. Foreign market players recorded a net buy of IDR 200.23 billion (all market) and a net buy of IDR 216.36 billion (RG market). The top 5 foreign net buy stocks are GOTO (150.4B), ICBP (113.7B), BBRI (109.7B), ISAT (63.5B) & FILM (53.4B). As for the top 5 foreign net sellers, such as BMRI (275.1B), PGAS (41.5B), BBCA (35.6B), BTPS (24.2), & NCKL (15.2B).

Wall Street's main indexes closed higher (DJI +0.03%, GSPC +0.24%, IXIC +0.36%). EIDO closed up +0.13%. Investors await inflation data and the Federal Reserve's policy meeting next week.

Today's JCI is expected to return to volatile movement with a tendency to weaken.

JCI closed lower with a bearish candle. Stochastic golden cross indicator, MACD histogram is negative (bearish line) and volume is decreasing. If it moves bearish again, JCI is expected to weaken again to the support range of 6,542–6,562. If JCI is able to move bullish, there is a chance for JCI to go to the resistance at the range of 6,657 – 6,663.

Commodities Review

• Oil prices plunged by more than US$1 per barrel on Tuesday (6/6), after a strong rally in the previous session. Fueled by concerns about global economic growth beyond Saudi Arabia's pledge to deepen cuts in its crude output.

Macro Economic News

• Retail sales in the Euro Area remained unchanged in April 2023, following a revised 0.4 percent decline in March and falling short of market expectations of a 0.2 percent growth.

Corporate news

• Indah Kiat Pulp & Paper Tbk. (INKP) has repaid the principal of the Sustainable Bonds I Phase I Year 2020 Series B (Bonds) on June 5, 2023.
• PT Utama Radar Cahaya Tbk (RCCC) targets revenue to grow 24% and net profit 29% in 2023. RCCC closed 2022 with a net income of IDR 60.89 billion. Radar Cahaya's main revenue increased 72.2% compared to 2021 of IDR 35.35 billion.
• PT Venteny Fortuna International Tbk (VTNY) managed to record a net profit of IDR 1.24 billion in 2022. This value increased 3.39% on an annual basis from IDR 1.20 billion throughout 2021.

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