JCI Indication

BULLISH (Moderate)

Support / Resistance: 6,101– 6,204

Market Drivers:

Another record close on Wall Street
- DJIA rallied to record levels, reaching 28,000 for the first time ever
- S&P 500 and NASDAQ Composite made new all-time highs as well

Singapore Trade Balance (October)
- Exports declined more than expected
- Non-oil domestic exports dropped 12.3% Y/Y (-.29% M/M), compared with a drop of 8.1% Y/Y (-3.3% M/M) in September
- Total trade decreased 9.7%, as imports fell by 10.3% and exports declined by 9.2%

Economic Calendar
- RBA Meeting Minutes (Tuesday)
- PBOC Interest rate Decision (Wednesday)
- US FOMC Minutes (Wednesday)
- The 1st major speech by ECB President Christine Lagarde (Friday)


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MARKET NEWS
Merger of PT Chandra Asri Petrochemical Tbk. with PT Petrokimia Butadiene Indonesia (PBI) will be effective from January 2020, after the company gets the approval of a merger from shareholders. The merger plan between Chandra Asri and its subsidiary, PBI, will increase the efficiency and effectiveness of daily business activities from Chandra Asri.

PT Merdeka Copper Gold Tbk. increase its gold target this year in line with the realization of good production throughout the third quarter / 2019. As for the minimum gold production target, the MDKA-coded stock is 180,000 ounces of gold ore.

PT Industry and Trade Bintraco Dharma Tbk. plans to open 10 new workshops by the end of the year. Bintaro Dharma President Director Benny Redjo Setyono explained that in the midst of sluggish economic conditions, the trend of the community to maintain their vehicles tends to increase.

PT Optima Prima Metal Sinergi Tbk. continues to strengthen its business after officially flooring on the Indonesia Stock Exchange on September 23, 2019. One of them, the company recently bought three used vessels which are expected to produce 7,300 tons of scrap iron for steel raw materials.

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Technical Recommendations : Stock: *BBNI*
Short Term Trend: Sideways
Medium Term Trend: Sideways
Trade Buy: 7,450
Target Price 1: 7,625
Target Price 2: 7,850
Stop Loss: 7,150

Stock: *ADRO*
Short Term Trend: Sideways
Medium Term Trend: Sideways
Trade Buy : 1,340
Target Price 1: 1,380
Target Price 2: 1,425
Stop Loss: 1,280

Stock: *BJBR*
Short Term Trend: Downtrend
Medium Term Trend: Bearish
Spec Buy : 1,595
Target Price 1: 1,640
Target Price 2: 1,700
Stop Loss: 1,540

Stock: *ADHI*
Short Term Trend: Downtrend
Medium Term Trend: Bearish
Spec Buy : 1,210
Target Price 1: 1,250
Target Price 2: 1,300
Stop Loss: 1,170

PT. Phillip Sekuritas Indonesia
Research Department
ANZ Tower Level 23B
Jl. Jend. Sudirman Kav. 33A, 10220 Jakarta
Ph: (62 21) 57900 800
Email: research@phillip.co.id
Website: www.poems.co.id