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).

Rabu, 03 September 2014

Morning Dew - 4 September 2014

Another Day, Another Gain

Another day, another gain for the JCI. The index has stepped closer towards its all-time high level at 5,251 on Wednesday as it ended the session at 5,224. The rise was largely supported by all but the miscellaneous industry sector with agriculture and property leading the rally.

INAF’s rating on MTN I/2012 has been slashed from idBBB- to idBB+by Pefindo on the back of refinancing risk over the Medium-Term Notes (MTN) which is scheduled to be due on September 20th 2014. According to Pefindo, INAF is in process to conduct a corporate action to refinance the MTN.  

TOBA is set to distribute an interim dividend worth US$3 million. The dividend will be distributed on October 9th for shareholders registered on the DPS at the end of the trading day on September 25th 2014. 

AMFG plans to build a new glass factory to raise its production capacity to 210k tons. The investment is expected to cost the company US$154.94 million. Construction will start by the 4Q14.

USDIDR climbed again at 11,781 on Tuesday compared to Monday’s closing price of 11,734.

China and European PMI Data

Non-manufacturing activities improved in China in August. The PMI for the non-manufacturing sector ticked higher to 54.4 from 54.2 while the same data coming out of HSBC showed a faster expansion at 54.1 from 50.0. Overall, the composite PMI according to HSBC has improved to 52.8 in August from 51.6 a month earlier.
In Europe however, service sector has ticked down in Italy, France, Germany, as well as Eurozone. On the contrary, UK saw improvement instead in the service sector.

Technically Speaking...

JCI continued to push higher on Wednesday after the index bounced off low last Friday. Wednesday saw it settled once more above the stiff resistance at 5,200 ahead of the all-time high of 5,251. Still, more commitment is needed to secure the upside potential.

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 former lower consolidation band, 5,039 and 5,000, followed by 4,950, the former EMA-50 resistance now turned as support. 

MACD has swung back to negative area but ticked higher on Monday and Tuesday whilst RSI has backed away from above the 70% mark but gradually crawled its way back up. Volume was up on Wednesday, however.

Day Ahead

Lack of domestic data and catalysts, investors may look elsewhere for the next catalyst to watch. US ADP Employment is set for release on Thursday and the private sector is seen adding 210k jobs in August, slightly lower than 218k seen in July. Other data on Thursday include the jobless claims, trade balance as well as the ISM for the service sector.

Diposting oleh di 13.24
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