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, 24 Juli 2014

Morning Dew - 25 July 2014

The Pause

JCI took a pause as the market is waiting for the next step Prabowo-Hatta will do regarding their rights to bring up the election dispute to the Constitutional Court this Friday. While it is seen as unlikely to be able to change the already announced result, investors seem to prefer to stay cautious over the issue.

Beyond the election, the next composition of ministers  will sap the market’s attention aside from corporate financial reports for the first half 2014 which are being reported at the moment.

China Manufacturing Data showed an uptick in July as the index rose from 50.7 to 52.0, beating the consensus of 51.0.

USDIDR bounced back to end at 11,531 per US$ from 11,498 per US$ on Thursday.

US Data

Initial jobless claims fell to 284k from 303k in the week ending July 19th. The market had expected it to tick higher to 310k.

US Manufacturing PMI published by Market showed slight slowdown from 57.3 to 56.3 in July, against the consensus of a slight rise to 57.5. Above 50 the index represents expansion while below 50 represents contraction.

US new home sales fell again by 8.1% (MoM) in June after a 8.3% drop in May. Consensus forecast a drop by 5.8%.

Technically Speaking...

JCI continues to seesaw on Thursday as the index is trapped between 5k and 5,165.

The next resistance lies at 5,165, the recent intraday high. Beyond this the index will aim at 5,251 – the all-time high seen last year.

Near-term supports are seen at 5,039 and 5,000, followed by 4,950, the former EMA-50 resistance now turned as support. 

MACD turned lower, while RSI has continued to fluctuate around the overbought area but heading lower while volume was slightly lower on Thursday.

SMRA and WSKT recos are still awaiting their entry prices to be filled. Please check the details on the table below.

Day Ahead

Prabowo-Hatta still have Friday to bring the issue to the Constitutional Court regarding the election result. While this may hurt sentiment a bit, the majority of the market seems to expect that such effort will be futile and that KPU’s decision will remain legitimate. Also, names to fill in the Jokowi-JK’s cabinet are abound, and this could be the next attraction point for investors aside from corporate 1H14 results which are being announced at the moment.

Diposting oleh di 13.16
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