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).

Kamis, 23 Januari 2014

Morning Dew - 24 January 2014

Flash Alerts

Stocks posted more gains on the back of recent update from IMF over the global economic growth outlook. JCI ended at 4,477.49, up 0.56% from prior session.

Slowing manufacturing sectors in US and China reported post-closing of JCI. Flash estimates from the January readings were behind the fall of US and European stocks fall. This may echo on Friday’s trading sessions in Asia.

Agriculture (+1.81%) and finance (+1.48%) sectors were the top gainers, while consumer goods (-0.39%), mining (-0.27%) and trade (-0.22%) fell.

IDR ended slightly weaker at 12,173 per US$.

BI said that inflation may exceed 1% in January as the combination of severe flood, higher LPG price as well as rising electricity tariffs are seen driving prices up.

China and US PMIs Slipped

A flash estimate of manufacturing PMI showed that China’s manufacturing contracted in January. The PMI index from HSBC/Markit fell from 50.5 to 49.6, well below consensus of 50.4 and also below the expand/contract borderline level of 50. Above 50 is considered as expanding while below 50 is considered as contracting.

US preliminary PMI also fell in January from 54.4 to 53.7 instead of heading up to 55.0 as forecast by consensus.

Technically Speaking...

JCI inched higher to end at 4,496.04 on Thursday. 

Both RSI and stochastics indicators remained around the overbought area, whilst MACD held its position above the zero line. Volume however, has not been able to rise to new heights. This signals potential exhaustion. 

Next resistance area lies around 4,600-4,610. Fibonacci projection targets 4,700, however. On the downside, near-term support lies at 4,450-4,460, 4,400 and subsequently, 4,327 - a prior resistance now turned into support. Below 4,327 we also have support at 4,175 and 4,109.

Day Ahead

The upside potential remains intact for now, but worse than expected PMI readings from China and US may prompt profit-taking on Friday. The index is expected to retreat before it resumes to knock on the 4,600-4,610 resistance area. Should it pass the resistance area, 4,700 awaits. Below 4,400 may drive the index approaching the lower 4,300 support area.

Diposting oleh di 14.22
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