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, 10 April 2014

Morning Dew - 11 April 2014

Freefalling

JCI nosedived on Thursday in the aftermath of the legislative election which was held on Wednesday.  As no parties were able to clinch a 20% victory over the total votes, uncertainties lie ahead, at least until the next presidential election.

The fall dampened the effect coming out of the FOMC minutes released on Tuesday night which was assumed as a signal that even after the Fed starts its first rate hike the rates will be kept low to accommodate growth in the U.S. 

US tech stocks resumed their freefall as sudden valuation concerns slashed 3.1% off Nasdaq Composite Index while S&P 500 fell 2.1%. Nasdaq Composite now trades at 35x reported earnings while S&P 500 index trades at 17x earnings.

USDIDR jumped to 11,342 from 11,309 on the back of the election result.

BLTZ Debuted, China’s Data

BLTZ made its debut appearance amidst stock market turmoil. The stock managed to end up IDR 400 at IDR3,400, up 13.33%.

China posted US$7.71b trade surplus in March as exports fell 6.6% and imports fell 11.3%. Market had initially forecast 4.8% increase in exports with 3.9% increase imports while surplus had been expected at US$1.80bn

Technically Speaking...

JCI was torn up on Thursday as investors took flight after unfavorable legislative election result. The index finished down 3.16% at 4,765.

The nearest resistance is seen at 4,839, followed by4,930, the recent intraday high ahead of 5,000 which is the psychological resistance and subsequently the projection target at 5,063.

Key support lies at 4,661 which corresponds to the 50-day EMA curve.

Volume has been slipping however, as the MACD sunk bank below the zero line and the RSI curve curled back down.

Day Ahead

Weakness on US stocks overnight may weigh on JCI on Friday as well. Already battered by unsatisfactory election results, JCI is at risk of having another bad day at the end of the week. As long as 4,661 holds however, the door towards 5k will remain open.

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