CAD Improved
Bank Indonesia reported on Friday that current account deficit had eased to USD4bn (1.98% of GDP) from its record high of USD9.9bn (4.4% of GDP) during 2Q13. Improved surplus in non-oil & gas sector and trimmed deficit in the oil & gas sector were behind the better-than-expected data.
Reiterating that BI’s stance over interest rate is more dependent on CAD and IDR, the latest data should keep the BI’s hands off the rate rise for now. If the condition holds, we may be done with rate hike this year.
USDIDR fell further to 11,716 from 11,886 per USD.
LPPF, PTPP, TINS
LPPF posted strong results in 2013. Net profit jumped 49.20% as revenues up 20.25%. Liabilities were significantly down by 23.51% whereas assets inched 0.24% higher.
PTPP’s net profit also soared by 35.86% on the back of 45.63% growth in revenues. Assets grew 45.2% while liabilities were up 51.28%.
TINS’s revenues fell 20.52% but its net profit still up by 19.35%. Liability soared 90.26% while assets only grew 28.6%.
Technically Speaking...
JCI cleared its resistance at 4,510 and finished the day higher.
The 200-day EMA at 4,440 will be the interim support area for now, followed by recent lows at 4,380 and 4,286. Next big support comes at 4,161, followed by 4,109 and 3,837.
Nearest resistance is seen at around 4,610 while 4,791 will be the next hurdle to crack.
Volume was up while MACD continued to push up, maintaining the upside potential at the moment. Near-term, the outlook is biased to the upside.
CSAP is added to the reco list. Entry is set between 190-200 with target set at 250 and risk set below 180.
Day Ahead
Post-CAD data, the coming sessions may be mild with positive bias and considering the Indonesian stocks are still in the earnings season mode, we are probably going to see stocks move individually, depending on which ones reporting better than expected (or worse than expected).
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