Market Prediction Yesterday,   JCI   closed   +0.77%   higher   to   7,352.60. Foreigners   recorded   net   buy   of   1.41   trillion   (all market) and net buy of 1.29 trillion (RG market). The top 5 foreign net buy stocks were BBRI (501.5B), TLKM (468.4B),   BBCA   (156.1B),   BBNI   (85.0B),   &   GOTO (49.9B). Meanwhile, the top 5 foreign net sellers were BMRI  (90.6B),  CUAN  (55.3B),  MDKA  (49.2B),  FILM (43.6B), MBMA (18.7B)

Major  Wall  Street  indices  closed  lower  (DJI -0.17%, GSPC -0.60%, IXIC -0.52%). EIDO closed +0.22% higher. The  decline  in  US  indices  was  due  to  the  decline  in Technology stocks on concerns of magical valuations. Traders  are  also  preparing  for  tomorrow's  release  of the  FOMC  minutes  and  comments  from  Fed  officials for further clues as to when the Fed will start cutting interest rates.

Today's  index is expected  to  move  sideways  with  a limited  downward  trend.  Today  we  have  the  BI  rate announcement which is expected to remain at 6% and the release of January credit growth (Prev. 10.38%).

JCI   closed   positive   and   bullish   again.      Stochastic indicator  is  still  bullish,  MACD  histogram  is  moving positive (bullish line) and volume is declining. Bearish scenario: If the JCI moves bearish again, it is expected to weaken again to the support range of 7,304 -7,311.  Bullish  scenario:  If JCI  is  able to  move  bullish, JCI  has the  opportunity  to  break  the  resistance  of  7,393 -7,403.

Corporate News:

•There was a decrease in sales recorded by PT Pelat Timah Nusantara Tbk (NIKL).Until December 31, 2023, the company achieved sales of USD171,08 million. That means there was a decline from sales of USD255.34 million in the same period the previous year.

•PT Habco Trans Maritima Tbk. (HATM)recorded a 39% net profit growth to Rp 198.17 billion in 2023,  compared  to  the  previous  year's  Rp.  142.51  billion.  The  company's  profit  per  share increased from Rp 22,96toRp28,31.

•PT  Cemindo  Gemilang  Tbk's  subsidiary,  Cemindo  Investment  Pte  Ltd,has  invested  in  Alpha Cimant  SA  in  Madagascar  to  expand  its  presence  in  new  cement  markets  and  increase  sales growth.

•In 2024, PT Waskita Karya Tbk. (WIKA)intends to concentrate on financial restructuring, which includes debt restructuring. Additionally, they plan to divest toll roads to enhance their financial situation and performance

-Disclaimer On-