DISCLAIMER

This research report is prepared by PT MINNA PADI INVESTAMA Tbk for information purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments. The report has been prepared without regard to individual financial circumstance, need or objective of person to receive it. The securities discussed in this report may not be suitable for all investors. The appropriateness of any particular investment or strategy whether opined on or referred to in this report or otherwise will depend on an investor’s individual circumstance and objective and should be independently evaluated and confirmed by such investor, and, if appropriate, with his professional advisers independently before adoption or implementation (either as is or varied).

Rabu, 15 Januari 2014

Morning Dew - 16 January 2014

PNBS Debuted

The rally continued on Wednesday as JCI tracked the gains of global stock indices.
IDR slightly fell against the greenback, but kept most of its recent gains intact. The currency ended the session at 12,077 per US$.

PNBS (Bank Panin Syariah) fell on its first debut on the JCI. The stock was initially priced at nominal price at IDR100 and it settled the day down 3% at IDR97. PNBS is the first one to get listed this year. Next on the menu are PT Bank Ina Perdana,  PT Asuransi Mitra Maparya, and PT Capitol Nusantara Indonesia. Another one is the relisting of PT Tunas Alfin Tbk.

Manufacturing Soared, Inflation Edged Up

The gauge of US manufacturing sector soared to 12.51 in January. Empire manufacturing index was last seen at 2.22 in December. The jump surpassed the consensus on a wide margin (which was at 3.5).

US inflation at the factory stage inched higher in December. The Producer Price Index (PPI) rose 0.4% and 1.2% on month-on-month and year-on-year, respectively, while the core PPI rose 0.3% and 1.4% for month-on-month and year-on-year, respectively.

Technically Speaking...

JCI is on track to its target at 4,600-4,610 en route to 4,700.

The rally continued along with the rising volume, suggesting that strength of the rally. Also, the price has exceeded its 200-day EMA, suggesting that the bottom might have been in place at the moment. While RSI has entered the overbought area, there isn’t any sign of exhaustion so far.

Next resistance area lies around 4,600-4,610. Fibonacci projection targets 4,700, however. On the downside, support lies at 4,327, a prior resistance now turned into support. Below 4,327 we also have support at 4,175 and 4,109.

Day Ahead

As the JCI continued its rally, the index is seen gaining further despite potential corrective action on Thursday. Still, positive performances from both US and Europe are expected to buoy the mood, hence limiting the downside risk at the moment.

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