Slow Start
A quiet start of the week, the JCI drifted lower to end at 5,184.96. Lack of immediate catalysts have triggered more profit taking among investors.
The market currently awaits for the naming of ministers in the Jokowi-JK’s cabinet following the Constitutional Court’s dismissal of election results’ challenge brought in by Prabowo-Hatta’s side. More politics are seen in the mix during the process of lining up the ministers, but whether Jokowi’s final lineup will truly impress the market or not will remain to be seen.
On the international front, the geopolitical tensions in the Middle East and Ukraine remain a drag for market sentiment, as well as the recent statement from the FOMC minutes that the end of low interest rates environment is to come sooner rather than later as employment outlook continues to improve.
USDIDR was back up at 11,714 on Monday compared to Friday’s settlement at 11,654.
MDLN, CPGT
A big chunk of land in MDLN’s Cikande area of about 110ha was reportedly bought by a Thai beverage company. The buyout also include an option to buy another 190ha in 2015 and 2016. The deal is expected to fulfill MDLN’s industrial land sales target of 100ha per year for the next two years.
CPGT through its recent RUPSLB has decided to revamped the entire BOD and Commissioners following a fraud investment case involving former management. In a move viewed as a hostile takeover, the shareholders rejected the company’s financial report for 2013, leading to more drama to unfold.
Technically Speaking...
JCI drifted lower below 5,200. Still, the index is just within spitting distance to reclaim its all-time high at 5,251.
As for now, JCI is aiming to secure its ground above 5,200 and subsequently the 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 stall around the overbought area.
ADRO, SMRA and WSKT recos are still awaiting their entry prices to be filled. Please check the details on the table below.
Day Ahead
Beyond the Court is the naming of the ministers, the first test for Jokowi-JK’s commitment to form a strong but non-transactional government. Recent Federal Reserve Minutes should provide support for the market as the central bank has further started to prepare the market for the first rate rise after the Fed’s easy money policy era.
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