Democracy is Dead
Squeezed by domestic political storm and the tumbling global stock indexes, the JCI nosedived to the lower 5,100s before bouncing back and settled at 5,132.56, still down 1.32%. Among ten sectors, only consumer goods sector dodged the fall.
Foreigners ran for exit as sentiment soured on the parliament’s voting result, which brought the democracy in Indonesia back to the stone age.
Wall Street however, ended the Friday session on a solid footing after a terrible start last week on the back of speculation that the Fed will raise rates sooner rather than later.
Following the backyard turmoil, USDIDR soared to return above 12k, after previously down to 11,947.
SMRA, BKSW, RIGS
SMRA is planning to expand its land portfolio in Bandung, Serpong, Bekasi and outside Java. Until the end of this year, the company has prepared Rp200b-300b to finance the expansion. SMRA will use the proceeds from recent issuance of bonds worth Rp800b plus Sukuk Ijarah worth Rp300b. Both sources are to be issued this year and will be used to finance the company expansion until next year (90%) and for the company’s working capital (10%).
BKSW aims at lowering its LDR to 95% from the current position of 104.43% by the end of 2014.
RIGS plans to add a new fleet worth US$28 million for transporting coal cargo by the end of this year.
Technically Speaking...
Friday’s tumble took JCI close to breaking the lower-end of its consolidation range at 5,100, but despite it managed to bounce back and settled at 5,132.56, the near-term outlook has turned sour and less promising.
As we mentioned earlier, the JCI is at risk of heading towards the next supports at 5,039 and 5,000 as the 50-day EMA has been punctured.
On the upside, prior resistance at 5,200 is back, followed by resistances 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 sinking towards the oversold area. Despite all the gloom and doom reflected on the Friday’s rout, we may see a follow-up bounce on Monday, but the best we can expect would be to maintain the index at 5,100-5,262 consolidation range.
Week Ahead
Slammed by political storm as well as tumbling global equity indexes the JCI is not seeing anything positive on the horizon at the moment. We may see the Constitutional Court back in action to defend the direct election at regional stages. For the week ahead, the index is seen struggling to hold on to its consolidation range at 5,100-5,262 but with a downside bias.
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