KSI MORNING REPORT 11 JULI 2023

Market Prediction Yesterday

JCI closed up +0.22% to level of 6,731.04. Foreign market players recorded a net buy of IDR 168.36 billion (all market) and a net buy of IDR 224.99 billion (RG market). The top 5 foreign net buy stocks are BBRI (121.8B), BBCA (40.3B), GGRM (33.2B), ASII (25.0B) & UNTR (17.2B). Meanwhile, the top 5 foreign net sellers were NCKL (14.2B), SMGR (12.7B), INDF (12.5B), MNCN (11.4B) & ANTM (9.9B).

Wall Street's main indexes closed higher (DJI +0.62%, GSPC +0.24%, IXIC +0.18%). EIDO closed down -0.13%. Because investors await reports on US consumer and producer inflation later this week and prepare to start the second quarter earnings season.

Today's JCI is expected to move sideways with the opportunity to strengthen to the nearest resistance

JCI closed higher with a bullish candle. Stochastic indicator is flat, MACD histogram is moving positive (bullish line) and volume is decreasing. If it moves bearish again, JCI is expected to weaken again to the support range of 6,676 – 6,696. If JCI is able to move bullish, there is a chance for JCI to go to the resistance at the range of 6,763 – 6,772.

Commodities:

• Gold prices were little changed on Monday (10/7), after last week's US jobs data cast doubt on the strength of the labor market. Encouraged investors to be more skeptical of the Fed's rate hike trajectory. 

Macro Economic News

• China's consumer prices unexpectedly flattened in June 2023, missing market expectations and May's figure of a 0.2% rise.

• China's producer prices dropped 5.4% yoy in June 2023, steeper than a 4.6% fall in the prior month and worse than market forecasts of a 5.0% decline.

• Indonesia's consumer confidence declined to 127.1 in June 2023 from May’s 12-month high of 128.3, as all sub-indexes decreased.

Corporate news

• PT Jaya Construction Manggala Pratama Tbk (JKON) recorded revenue of IDR 832 billion in the first quarter of 2023. This achievement shot up 11.5% from the same period last year of IDR 746.3 billion.

• PT Pembangunan Perumahan (Persero) Tbk (PTPP) will receive Rp 243 billion in funds from the payment for a flood control project in the Yogyakarta International Airport area, Kulon Progo.

• PT VKTR Teknologi Mobilitas Tbk (VKTR), continues its business expansion by developing a factory facility for assembling electric buses and trucks in Magelang, Central Java.

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