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, 17 Desember 2014

Morning Dew - 18 December 2014

Saved by the Fed

The Fed came to the rescue to boost ailing sentiment which had put the global stock market under pressure recently. Result of the FOMC meeting was that the Fed has removed its “considerable time” and replaced it to “can be patient”, referring to the timing of normalization of monetary policy.

Sharp drop in oil prices have left the FOMC with hardly any justified reason to raise rates sometime in 2015. About 45% drop in oil has also put Russia into a crisis, an eerie reminder of 1998 crisis also originating from Russia. Russia had its ruble declined by about 47% this year, tracking the retreat of oil prices. The rout subsided on Wednesday however, as WTI inched higher to $56.27/bbl while Brent rose to $60.79/bbl. 

Latest measure taken by Russia is to ease accounting rules to curb the needs for dollars for banks. The move has boosted ruble and Russian stocks but need more time to assess whether the measure can put an end to the current crisis.

IDR, AHAP, AGRIS

IDR: fell to 12,720 on Wednesday, from 12,900 seen on Tuesday. BI has intervened in order to cap on IDR’s weakness.

AHAP: 11M14 net profit reached Rp14.09bn, up 5% from the same period last year. 

AGRIS: Bank Agris has set its offering price at 110 per share, bringing the IPO proceeds to about Rp99bn. About 70% of the funds will be used for credit expansion while the remainder will be used to expand the business network.

Technically Speaking...

JCI managed to hold its ground above 5,000 support, but despite downside risks remain at the moment the upside potential for a rebound is also present.

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 but a potential rebound is likely in the near-term.
The week will offer similar trading range for the JCI, between 5,000 and 5,250. 

Day Ahead

Fed’s patience and a halt (for now) in oil prices should be positive catalysts for the JCI on Thursday. Rupiah however, remains vulnerable and this will be put under the spotlight along with developments in oil prices. Deeper drop in oil will mean more risk to bear for Russia but the same thing will hold  the Fed’s hand from pushing the US interest rates up. For now, JCI is seen between 5k and 5,150.

Tidak ada komentar:

Posting Komentar