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).

Minggu, 11 Mei 2014

Morning Dew - 11 May 2014

Tight-Lipped

Apparently, there wasn’t any announcement from PDI-P about who will be the running mate for Joko Widodo. Still, it is expected to be announced sometime next week. The certainty surrounding Prabowo’s running mate is also still unclear. So far, only two parties officially declared their support for PDI-P: Nasional Demokrat (Nas-Dem) and PKB (Partai Kebangkitan Bangsa).

JCI however, managed to rack up some gains as it closed the week higher at 4,989.14.

Bank Indonesia cited weak exports behind its decision to slash its GDP forecast for this year to 5.1% to 5.5%, compared to prior estimate of 5.5% to 5.9%. In the first quarter, the current account deficit was reportedly narrowed to 2.06% from 2.12% of GDP seen in the final quarter of 2013. This year, the deficit is seen to be below 3% of GDP.

USDIDR slipped to 11,563 from 11,624.

BKSL Slipped

BKSL slumped as it was related to the recent corruption case involving Rachmat Yasin. KPK has made an official from PT Bukit Jonggol Asri (BJA) as suspect involved with the case. About 65% of BJA is owned by BKSL while the rest is owned by ELTY. 

As a consequence, our BKSL reco has been stopped out with 14.05% of losses.

Technically Speaking...

JCI finished the week higher as the consolidation shifts towards 4,850-4,900 range.

Developing on the daily chart is the head-and-shoulders pattern with the neckline projected around 4,750 or just above the 50-day EMA. The left shoulder is at 4,903, the head at 4,933 and 4,916 is so far the right shoulder. Volume shows decreasing pattern from the left shoulder to the right one, adding credibility to the pattern.

JCI needs to break through the nearest resistance seen at 4,933 to negate the H&S pattern. Higher, subsequent resistances lie at 5,000 which is the psychological resistance and later the projection target at 5,063.

MACD turned higher, approaching to cross above the zero line; while the RSI also ticked up. Volume inched higher but it will need more convincing up sessions to negate the H&S pattern.

Week Ahead

There is no surprise from the announcement of the official election results, so the market will stay focused on the political landscape ahead of the July’s presidential candidate. PDI-P still hasn’t revealed the running mate for its presidential candidate, Joko Widodo. The announcement is seen sometime next week.

Diposting oleh di 09.19
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