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, 19 Juni 2014

Morning Dew - 20 June 2014

Downside Risk

JCI is now staring at more weakness ahead as the index slipped below its 4,865 support. Lack of significant catalysts ahead of the July 9th election has once again led investors to run for cover. Tensions between two sides competing at the election also heat up, effectively dampening the impacts of news coming out of U.S.

From the US, jobless claims fell 6k to 312k in the week ended June 14th. Meanwhile, the Conference Board released its index of leading economic indicators for May which came at 0.5% gains after a 0.3% gains in April.

On Wednesday, Janet Yellen reiterated that the Fed will continue to reduce the pace of asset purchases while expecting interest rates to stay low for a considerable time (six months, perhaps?) after the stimulus is entirely removed. No specific timetable was given as she said that there is no mechanical formula for such thing.

USDIDR ticked down to 11,916 on Thursday, compared to 11,978 a day earlier.

Bank Dinar IPO

PT Bank Dinar Indonesia  sets its offering price at Rp110 per share on its initial public offering on Thursday.

The Company offered 500 million of shares which represent 22.22% of its equity. The amount translates to Rp55 billion, of which 75% will be used to expand its credit to customers while the remaining 25% will be allocated for expanding its business network.

PT Andalan Artha Advisindo Sekuritas has been appointed as the sole underwriter of this IPO.

Technically Speaking...

JCI crashed below its 50-day EMA support as the index continues to be under pressure.

Near-term resistance now lies at 4,909, followed by 5k and subsequently at 5,091. Beyond the latter the index will aim at 5,251 – the all-time high seen last year.

As 4,865 made way, next support is now seen at at 4,800 and 4,770 afterwards where the 100-day EMA lies.

MACD continued to tick down while RSI ticked slightly higher but still hovering around the neutral zone. Volume however, is not on the ascend, so the current weakness may be temporary. 

No additional recommendation for now.

Day Ahead

JCI has broken its lower bound of its consolidation range at 4,865. This could weaken the index further to 4,770-4,800 support area as lack of fresh catalysts caps the upside potential. FOMC’s decision seems to be well anticipated and countered by domestic political landscape which continues to heat up ahead of the July 9th election day.

Diposting oleh di 14.13
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