๐๐๐ฒ ๐๐, ๐๐๐๐
* ๐๐ก๐ ๐๐๐ ๐ญ๐ซ๐๐๐ข๐ง๐ ๐ซ๐๐ง๐ ๐: ๐,๐๐๐๐ฉ๐ญ – ๐,๐๐๐๐ฉ๐ญย (๐๐๐ฌ๐ญ๐๐ซ๐๐๐ฒ ๐๐ฅ๐จ๐ฌ๐: ๐,๐๐๐๐ฉ๐ญ)
* ๐๐๐ฅ๐ฅ ๐๐ญ๐ซ๐๐๐ญ ๐ฐ๐๐ฌ ๐๐ฅ๐จ๐ฌ๐๐ ๐๐จ๐ซ ๐ฉ๐ฎ๐๐ฅ๐ข๐ ๐ก๐จ๐ฅ๐ข๐๐๐ฒ
* ๐๐ก๐ ๐๐๐ ๐ข๐ฌ ๐๐ฑ๐ฉ๐๐๐ญ๐๐ ๐ญ๐จ ๐๐ฅ๐ฎ๐๐ญ๐ฎ๐๐ญ๐ ๐ฌ๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ๐๐ ๐๐ฒ ๐ฌ๐ญ๐๐๐ฅ๐ ๐๐๐๐๐๐ ๐๐ง๐ ๐จ๐ข๐ฅ-๐๐ฅ๐จ๐ฌ๐
Morning,
The Jakarta Composite Index (JCI) today (5/30) is expected to trade between 6,640ptโ6,760pt to attempt higher and be supported by bargain hunters.
Today the JCI may see a slight technical rebound in the mining-based counters including the thermal-coal ones.
From May to yesterdayโs close, laggards in the JCI have been led by Bayan Resources(-19.7% at IDR17,275/share), Adaro Energy Indonesia (-33.9% at IDR2,070), Merdeka Copper Gold (-24.9% at IDR2,960), United Tractors (-20.8% at IDR22,875), and Bukit Asam (-28.5% at IDR2,960/share).
Underpinning the price movement of the coal-based counters is largely the 1-month maturity thermal coal price in the commodity market. A quote of LQM23 of Newcastle Coal pointed to a USD140.65/tonne, or representing a decline of 24.5% since the beginning of May.ย Meanwhile, yesterdayโs closes indicate that prices for thermal coal for the maturity of September through January 2024 are higher at USD141.5/ tonne to USD149.1/tonne, respectively, and with a higher volume of open interests. The prices start to decline, consistently in February 2024 (USD147.5/tonne)ย to October next year (USD128.85/tonne).
The status of thermal coal demand and supply, currently in the most critical stage to determine,ย is driving the price volatilities of the commodity and the respective share price of the companies. In the short term, the share prices of the companies may stagnant until the release of the first half earnings results and or analystsโ downward revision of price targets.
To have a portion in the holding of Indonesian stocks, due to its cyclical nature, should be rewarding, for short/medium and long-term horizons. Indonesia financial service authority or Otoritas Jasa Keuangan provides a list of sharia-eligible energy counters to invest in, every December and June in the year. The list can be a starting ground to further filter selection, based on the fundamental analysis.
Yesterday, the price of WTI closed higher by 1.2% to USD73.4/ barrel, mainly on demand prospects as the United States leaders reached a tentative debt ceiling deal. Meanwhile, the USDIDR closed at IDR14,973 vs. IDR14,905 ย the previous one.
Cheers,