KSI TECHNICAL RECOMMENDATION 7 JULI 2023
Market Prediction
Yesterday, JCI closed up +0.57% to level of 6,6757.33. Foreign market players recorded a net buy of IDR 260.22 billion (all market) and a net buy of IDR 204.62 billion (RG market). The top 5 foreign net buy stocks are ASII (69.2B), FILM (57.8B), BBRI (52.4B), MAPI (32.8B) & KLBF (31.2B). Meanwhile, the top 5 foreign net sellers were BBNI (40.4B), BBCA (38.7B), ANTM (24.2B), NCKL (17.8B) & UNVR (17.5B).
Wall Street's main indexes closed lower (DJI -1.07%, GSPC -0.79%, IXIC -0.82%). EIDO closed down - 1.17%. As strong US employment data revived fears that the Fed will keep rate hikes going for longer to tame rising inflation. Today's JCI is expected to move sideways with a tendency to weaken.
Today, there is the release of Indonesia’s foreign exchange reserves for June period which is expected to fall (Prev. $ 139.3B vs. Fcst. 139B).
JCI closed higher with a bullish candle. Stochastic indicator is bullish, MACD histogram is moving positive (bullish line) and volume is increasing. If it moves bearish again, JCI is expected to weaken again to the support range of 6,719 – 6,726. If JCI is able to move bullish, there is a chance for JCI to go to the resistance at the range of 6,793 – 6,814.
Commodities:
• Crude oil prices remained flat yesterday after the U.S. Energy Information Administration reported an estimated inventory decline of 1.5 million barrels for the week to July 1.
Macro Economic News
• Retail sales in the Euro Area remained unchanged for the second consecutive month in May 2023, following declines in both February and March and missing market expectations of a 0.2 percent increase.
• The US trade gap narrowed slightly to $69 billion in May of 2023 from $74.4 billion in April, in line with market expectations.
• The ISM Services PMI unexpectedly jumped to 53.9 in June of 2023, pointing to the strongest growth in the services sector in four months, and well above 50.3 in May and forecasts of 51.
• The number of job vacancies in the United States fell by 496 thousand from the previous month to 9.824 million in May of 2023, slightly below market expectations of 9.935 million.
Corporate news
• Samudera Indonesia (SMDR) as of April 30 2023 earned a net profit of USD 37.88 million. Dropped 47 percent from the same period the previous year USD 72.46 million.
• PT Bank KB Bukopin Tbk (BBKP) again strengthened the capital of its two subsidiaries, PT KB Bukopin Finance with funds worth IDR 342.9 billion and PT Bank KB Bukopin Syariah worth IDR 80 billion. With this, the total injection of funds into the subsidiary reached IDR 422.9 billion which was intended for the second stage of capital strengthening for the finance company.
• PT Temas Tbk (TMAS) said that a subsidiary, PT Temas Port, has established a new subsidiary, PT Temas Port North Maluku, which is engaged in loading and unloading / stevedoring.
PT Kiwoom Sekuritas Indonesia (KSI)
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