Market Prediction During   last   week,   JCI   closed   +0.97%   higher   to 7,317.24. Foreigners recorded net buy of 866.61B (all market) and net buy of 838.58B (RG market). The top 5  foreign  net  buy  stocks  were  BBCA  (324.9B),  TPIA (176.6B),   BBRI   (173.2B),   BMRI   (148.2B),   &   ASII (61.7B). Meanwhile, the top 5 foreign net sellers are TLKM (138.1B), SMGR (31.0B), BUKA (24.2B), MNCN (14.5B), MDKA (14.2B).

Major  Wall  Street  indices  closed  mixed  (DJI  +0.34%, GSPC   +0.12%,   IXIC -0.07%).   EIDO   closed   +1.33% higher.  The  focus  on  interest  rates  and  inflation continues   to   dominate   market   discussions,   with investors closely monitoring economic data and Fed officials'   statements   for   changes   in   interest   rate expectations. 

Today's  Index  is expected  to  have  a  chance  to  rally back  to  the  nearest  resistance  and  after  that  it  is prone to a reasonable correction. Today there is the release  of current  accountbalance  data  for  April period(Prev. $-1.3B vs Fcst. $-1.0B).

Macro Economic News

• China's  industrial  production  expanded  by  6.7% year-on-year    in    April    2024,    above    market forecasts of 5.5%, faster than a 4.5% gain in the prior month. 

• China's  retail  sales  rose  by  2.3%  year-on-year  in April 2024, missing market forecasts of 3.8% and moderating  from  a  3.1%  growth  in  the  prior period. It was the 15th straight month of increase in   retail   trade   but   the   softest   gain   in   the sequence,   highlighting   challenges   the   central government faces in reviving weak consumption by delivering various stimulus measures.

• The Federal Reserve kept the target range for the federal  funds  rate  unchanged  at  5.25%-5.50% during its May meeting for the sixth consecutive time,  as  ongoing  inflationary  pressures  and  a tight  labor  market  indicate  a  stall  in  progress toward  bringing  inflation  back  down  to  its  2% target this year