On the Sidelines
JCI slipped again on Wednesday as lack of fresh catalysts led investors to prefer to stand on the sidelines.
Consumer confidence hit a record high of 161.4 points in August, up 3.7 points from a month earlier as optimism mounts on the coming government led by Jokowi.
Increased confidence in personal finances and consumers’ expectation to purchase household appliances are also behind the rise, according to data from ANZ-Roy Morgan. Jokowi’s plan to raise fuel prices may later knock confidence, however.
IDX may have a new gold miner listed soon. Archi Indonesia, a subsidiary of Rajawali Corpora, is aiming at US$200 million worth of IPO before the year ends. Rajawali Corpora is owned by Peter Sondakh, which acquired Archipelago Resources Plc. last year with a deal valued at US$541 million at the London Stock Exchange. Archi operates in North Sulawesi, Philippines and Vietnam.
USDIDR slipped to 11,976 on Wednesday from 11,987.
SMGR, LPKR
SMGR is eyeing at expansion to property business. The state-owned company plans to set up a new business entity to develop a 200ha land in West Java. The cost for the expansion is expected around Rp200b (US$17.1 million). The project may be co-developed with fellow state-owned entity WIKA, according to SMGR’s corporate secretary. Both companies have signed an MoU to work together in energy, realty and property sectors last month.
LPKR’s Holland Village was said to have been oversubscribed by 150%. The second stage offering of the apartment complex consists of 190 units built on 4ha land and priced at Rp19.5 million/m2.
Technically Speaking...
JCI took another slipup on Wednesday, taking it to finish at 5,174.
As the index lost grip of the 5,200 resistance handle once more, resistance mark, the next support to watch is 5,125 which is the 50-day EMA. Should we broke below this line, more supports are seen at 5,039 and 5,000.
On the upside, resistances are lining up at 5,251, ahead of the all-time record high at 5,262. Subsequently, the next psychological hurdle for the index at 5,300.
The MACD has reversed direction away from the zero line, while RSI is now back at the neutral area again. Volume seems to be steady recently. While all these are somehow good signs for the index, we should remain cautious over the risk of another setback as we approach the upper end of the expected trading range.
Day Ahead
It looks like the consolidation range between 5,100 and 5,250 is likely to persist for now. Lack of key catalysts have put the index in a limbo, but still maintaining its upside potential near the recent highs. Absence of key macro indicators both from abroad and from domestic will shift the market’s attention to the individual stock news and developments.
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