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, 21 Agustus 2014

Morning Dew - 22 August 2014

Final Verdict

The Constitutional Court has rejected all lawsuits brought on by Prabowo-Hatta on the election dispute saga, hence effectively ended the legal path for Prabowo to negate the KPU’s decision to declare Jokowi-JK as the winner of the 2014 presidential election.

While dissatisfaction has been expressed by the Prabowo-Hatta’s side after the Court’s verdict, Prabowo’s supporting parties stated that they remain committed to stay within the coalition and said that the coalition may be taking further legal steps and continuing its political efforts. No details were explained over what kind of steps or efforts were meant.

Recent Federal Reserve Minutes of their last FOMC meeting showed that the central bank has raised the odds that stimulus will end sooner than anticipated.

USDIDR was marginally higher at 11,717 on Thursday compared to Wednesday’s settlement at 11,707.

Supports from Data

China HSBC Manufacturing PMI ticked down in August to 50.3, worse than the expected 51.5 and lower than  July’s  51.7.

US Manufacturing PMI for August beat the consensus and stood at 58.0 against 55.8 seen in July. Consensus forecast was at 55.7.

US Existing Home Sales were up 2.4% in July (MoM), defying consensus forecast of a 0.5% drop..

Philadelphia Fed Index was higher at 28.0 in August vs. 23.9 seen in July.

Technically Speaking...

JCI pushed higher on Thursday as the index broke the 5,200 barrier, just within spitting distance to reclaim its all-time high at 5,251. 

As for now, focus will turn to the next resistance at 5,251, the all-time record high while near-term supports are seen at 5,150-65 (congestion area) and then 5,135, the recent lower consolidation band, 5,039 and 5,000, followed by 4,950, the former EMA-50 resistance now turned as support. 

MACD continued to tick up into the positive area whilst RSI has started to inch higher towards the overbought area while volume slipped slightly on Thursday.

ADRO, SMRA and WSKT recos are still awaiting their entry prices to be filled. 

Day Ahead

Constitutional Court has cast its verdict over the election dispute and thus clears the fog of uncertainties surrounding the political atmosphere. The verdict should be market-friendly and may become the catalyst for the index to rise higher. Solid string of data from the U.S. is also seen lifting up market sentiment on Friday.

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