- Bank Indonesia raised its rates by 50 basis points to 6.5% along with the deposit facility rates by 50 basis points to 4.75%, but maintained the lending rates at 6.75%. The move was a surprise for the market which didn't expect the central bank to deliver such a steep hike. After the initial jolt, the JCI steadied and finished the day up by 2.8% with the foreigners side flipped from having a net sell to a net buy for the day.
- With the downside looks pretty secure for now, we maintain that the index is gunning at the completion of wave C which targets 4678, 4848, and up to 5124. Key support remains at 4373. No key news are expected at the moment, so we are likely to see the index continuing its ascend to the aforementioned resistances on Friday. Still, as we are most likely within the B wave, we are not out of the woods yet.
- US jobless claims were up more than expected during last week, but this was largely caused by seasonal factor. The FOMC minutes on the other hand showed that about half of the participants of the FOMC meeting wanted to stop the bond purchases by the end of this year. Bernanke himself in his speech said that the US economy needs a highly accommodative monetary policy for the foreseeable future.
- We have added five new recommendations to the list: ASRI, ROTI, AISA, MAPI, and WSKT. Refer to the table for the detailed trade setup.
Kamis, 11 Juli 2013
Morning Dew - 12 July 2013
Key Points
Langganan:
Posting Komentar (Atom)
Tidak ada komentar:
Posting Komentar