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).

Sabtu, 14 Juni 2014

Morning Dew - 16 June 2014

Back to Square One

JCI fell for another 0.16% on Friday, erasing earlier gains seen at the beginning of the week, settling the week into a 0.2% losses.

Lack of new catalysts have been limiting the index’s movement throughout the week as BI rate decision has been kept unchanged and no other key economic releases managed to sway global stock indexes anywhere.

Friday also saw China’s data due. Industrial production was up 8.8% in May (YoY), slightly better than 8.7% seen in April while retail sales accelerated to 12.5% in May (YoY), also faster than 11.9% seen in April.

From the US, the core PPI for May gained 2% vs. 2.3% consensus vs. 1.9% seen in April. The preliminary estimate of University of Michigan Confidence index was down to 81.2 from 81.9, lower than the consensus take of 83.0.

USDIDR fell to 11,781 from 11,813 on Friday.

Batavia Prosperindo IPO

Batavia Prosperindo Internasional set the offering price between Rp450-500 which represents the PE ratio between 8.2 to 9.2x. 

From 150 million shares offered to the public, the company aims at raising Rp33.7 to 37.5billion, of which 50% of the amount will be used to finance the business activities of its subsidiary Batavia Prosperindo Securities. The other 50% will be used by Batavia Prosperindo Asset Management for business expansion.

Technically Speaking...

JCI was back to square one last week as earlier gains were lost, taking the index back to its consolidation range between 4,865 and 5,091.

Resistance is now seen at 5k and subsequently at 5,091. Beyond the latter the index will aim at 5,251 – the all-time high seen last year.

Support is seen at 4,865 in the short-term, roughly around the same level as the 50-day EMA curve. Subsequent support lies at 4,800. 

MACD continued to gyrate as it nears the zero line while RSI has returned to the neutral zone. 

No additional recommendation for now, and at the moment a total of seven recommendations are active and all of them are holding on.

Week Ahead

JCI is seen to continue consolidating between 4,865 and 5,091 for now as the market continues to wait for the upcoming presidential election on July 9th 2014. FOMC meeting will be the biggest event for the coming week. As usual, the FOMC is set to take away another US$10bn off its stimulus while readying the market for its policy change in 2015.

Diposting oleh di 12.58
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