Ruble in Rubbles
JCI fell 1.6% as global stocks were on retreat on Tuesday. The index briefly tested its support at 5,000 but settled at 5,026, trimming its prior losses.
Currency rout also continues as the IDR fell further to end at 12,900 but there’s still barely anything to help boost the rupiah in the short-term.
Brent fell 91c to $60.15 after previously reached $58.50, while the WTI ended at $55.57 a barrel, down another 37c.
The US central bank itself is holding a two-day meeting to decide on US monetary policy on Tuesday and Wednesday. The market wants to see if the FOMC finally unplugs its “considerable time” wording from its post-meeting statement.
Ruble in rubbles as the Russian currency sunk to 68 per dollar even after the Russian central bank hiked interest rate by 6.5% to 17%. The ruble has been hit by both economic woes as well as the steep dive in oil prices.
PSKT, SKBM, WSKT
PSKT: is planning to add 20 new hotels by 2020. The Tune Hotels operator is to use private placement as well bonds issuance to fund the expansion. In 2015 the company expects to build three hotels at Tendean, Kelapa Gading and Cengkareng.
SKBM: adds one production line in Sidoarjo which will raise the production capacity by another 300 tons per month. Currently, the Sidoarjo line’s capacity is at 800 tons per month. The new line is scheduled to start its operation around 1Q15.
WSKT: is considering rights issue to strengthen the company’s capital. There is no set date yet for the corporate action, but it is likely scheduled for next year.
Technically Speaking...
JCI fell for another 1.61%, close to touching the support at 5,000.
Should the index fails to follow through the recent gains, it will risk returning to the bottom end of the recent consolidation range around 4,900.
We have seen a test of 5,200 resistance, but successful breakout remains elusive. Beyond 5,200, the subsequent resistance will be at 5,251, ahead of the all-time record high at 5,262.
MACD has re-entered the sub-zero line while the RSI sunk towards the oversold area. This suggests that the index remains vulnerable to further drop in the near-term.
The week will offer similar trading range for the JCI, between 5,000 and 5,250. As the upside remains sluggish, the downside risk cannot be ruled out.
Day Ahead
JCI started the week on a weak footing. For Wednesday, expect the index to remain under pressure as the US were in the red overnight. IDR is also facing strong pressure and is now approaching 13k, something unseen since 1998. A range between 5,000 to 5,250 is seen for the current week. Oil prices, IDR and Ruble will be the focus for the day.
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