Market Prediction
Yesterday, JCI closed +1.14% higher to7,329.80. Foreigners recorded net buy of 86.06B (all market) and net buy of 315.05B (RG market). The top 5 foreign net buy stocks were BBCA (114.5B), BBRI (110.6B), ISAT (51.5B), TLKM (36.2B), & MEDC (32.7B). Meanwhile, the top 5 foreign net sellers are INCO (29.5B), AKRA (21.4B), BUKA (20.6B), BBNI (19.9B), SMGR (19.5B).
Major Wall Street indices closed higher (DJI +0.20%, GSPC +0.51%, IXIC +0.58%). EIDO closed +1.72% higher. Chairman Powell reiterated the Fed's stance that they are in no rush to cut rates and will only do so when inflation has reached 2%.
Today's index is expected to strengthen, where today there is a data release on foreign exchange reserves is expected to fall to USD 144.0B (Prev. USD 145.1B).
JCI closed significantly higher. Indicators from stochastic is a potential golden cross, MACD histogram is negative but moving towards positive (sloping line) and volume is increasing. Bearish scenario: If the JCI moves bearish again, it is expected to weaken again to the support range of 7,180 -7,197. Bullish scenario: If JCI is able to move bullish or back above 7,262, JCI has the opportunity to break the resistance of 7,370 -7,393.
Commodities:
•WTI crude futures pared some earlier gains to settle at $79.1 per barrel on Wednesday, retreating from a four-month high after EIA data showed a smaller-than-expected increase in US weekly crude stocks. Crude oil inventories in the US increased by 1.367 million barrels last week, less than the market expectation of a 2.116 million rise, marking the sixth consecutive week of gains.
•Gold surged to a new record-high of $2,146 an ounce on Wednesday after Federal Reserve Chair Jerome Powell in prepared remarks ahead of his congressional testimony said the central bank expects to reduce its benchmark interest rate later this year.
•Palm Oil increased 350 MYR/MT or 9.41% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Palm Oil reached an all time high of 7268 in March of 2022.
Macro Economic News
•The number of job openings went down by 26,000 from the previous month to 8,863 million in January 2024, the lowest in three months and below the market consensus of 8.9 million.
•The consumer price index in South Korea rose to 3.1% year-on-year in February 2024, from 2.8% in a month earlier and beating forecasts of a 2.9% increase. It was the highest figure since December due to higher cost of fresh food and energy. On a monthly basis, inflation rose to 0.5% from 0.4% in the previous month, marking the sharpest gain in consumer prices since September.
•Germany's trade surplus increased to EUR 27.5 billion in January 2024, surpassing market forecasts of EUR 21.5 billion and up from an upwardly revised EUR 23.3 billion in the previous month. It was the largest trade surplus on record, as exports grew more than imports.Exports rose 6.3% to an 11-month high of EUR 135.6 billion, faster than expectations of a 1.5% gain.
