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).

Selasa, 12 Agustus 2014

Morning Dew - 13 August 2014

HBA Slipped in August

JCI added another 0.37% to Monday’s gains as investors remain upbeat amidst lack of catalysts.

Harga Batubara Acuan (HBA) fell again in August. According to the Ministry of Energy and Mineral Resources, the HBA slipped 2.98% to US$70.29 per ton from US$72.45 per ton seen in July. Against last year’s price, HBA for August also fell 8.36%. The slump in coal prices has made coal miners struggling for survival, especially the smaller ones.

The Ministry of Energy and Mineral Resources also said that coal production is likely to be capped at 425 million ton per year in an effort to prevent overproduction of coal. Alternatively, the Ministry also ponders two other scenarios. One is to cap annual production growth to 1% while assuming local consumption to increase 8% annually and no rise in reserves. Second scenario is to cap production to 425 million ton per year with local consumption assumed to be growing at 8% annually while coal reserves assumed to rise 1% per year.

USDIDR slipped to end at 11,677 per US$ from 11,728 per US$ on Tuesday.

Not BI’s Mandate

As Bank Indonesia meeting closing in, the central bank governor Agus Martowardjojo hinted that the economic growth is not BI’s mandate; So, recent GDP slowdown in 2Q14 will not push BI to loosen up the interest rate.

On the contrary, BI governor said that BI will continue to monitor the exchange rate volatility to maintain currency stability.

Technically Speaking...

JCI added another 0.37% of gains, gaining to end above 5,100 mark.

Current 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 has ticked up after a string of declines but still within the negative area. RSI has flattened after recent bounce and volume also inched higher on Monday, however.

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

Day Ahead

Bank Indonesia meeting on Thursday will grab the market’s attention. At least the market will proceed cautiously ahead of the meeting. For now, conundrums may stay in force as no significant issues around, the index is seen confined within its consolidation range. Strong gains on Monday then Tuesday, may spark correction but downside remains secure.

Diposting oleh di 14.27
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