The JCI October 24, 2019
Oᴄᴛᴏʙᴇʀ 24, 2019
* Tʜᴇ JCI ᴛʀᴀᴅɪɴɢ ʀᴀɴɢᴇ 6,240ᴘᴛ – 6,320ᴘᴛ (ʏᴇsᴛᴇʀᴅᴀʏ ᴄʟᴏsᴇ: 6,258ᴘᴛ)
* Wᴀʟʟ Sᴛʀᴇᴇᴛ ᴇɴᴅᴇᴅ sʟɪɢʜᴛʟʏ ʜɪɢʜᴇʀ ᴏɴ ʜᴏᴘᴇ ᴏꜰ ᴀɴᴏᴛʜᴇʀ ᴄᴜᴛ ʙʏ ᴛʜᴇ Fᴇᴅ ᴇɴᴅ ᴏꜰ ᴛʜɪs ᴍᴏɴᴛʜ
* Tʜᴇ JCI ɪs ᴇxᴘᴇᴄᴛᴇᴅ ᴛᴏ ᴄᴏɴᴛɪɴᴜᴇ sᴛʀᴇɴɢʜᴛᴇɴɪɴɢ, ᴇsᴘᴇᴄɪᴀʟʟʏ sʜᴏᴜʟᴅ Bᴀɴᴋ Iɴᴅᴏɴᴇsɪᴀ ᴅᴇᴄɪᴅᴇ ᴛᴏᴅᴀʏ ᴛᴏ ᴄᴜᴛ ʀᴀᴛᴇs ʙʏ ᴀɴᴏᴛʜᴇʀ 25ʙᴘ ᴀs ᴡɪᴅᴇʟʏ ᴇxᴘᴇᴄᴛᴇᴅ
Morning,
The Jakarta Composite Index (JCI) today (24/10) is expected to be in the range of 6,240pt-6,320pt being backed by stable Wall Street close and higher oil price. Yesterday (23/10) the DJIA climbed higher by 46 points or 0.2% to 26,834pt on hope that FOMC meeting on 29/30 this month will cut the target federal funds rate by another 25bp. Meanwhile, S&P500 and the Nasdaq indices, both closed higher by 0.4% and 0.7%, respectively.
At the other end, USDIDR closed at IDR14.051yesterday week vs. IDR14.058 previously. Meanwhile, the WTI price closed higher by 2.7% yesterday to USD55.9/barrel on surprise of weekly data of the United States oil inventory that showed a decline of 1.7mn vs. an increase of 2.2mn barrels by analysts’ estimates.
We keep the following recommendations. These counters have been hit hard since the end of March this year and thus offer bargain opportunity both for trading and longer term investment purpose. 𝐀𝐀𝐋𝐈, 𝐋𝐒𝐈𝐏 (𝐬𝐞𝐜𝐭𝐨𝐫 𝐨𝐟 𝘈𝘨𝘳𝘪, 𝐚𝐥𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐢𝐨𝐧 𝘜𝘯𝘥𝘦𝘳𝘸𝘦𝘪𝘨𝘩𝘵 ), 𝐔𝐍𝐓𝐑, 𝐈𝐓𝐌𝐆, 𝐀𝐃𝐑𝐎, 𝐏𝐓𝐁𝐀 (𝐬𝐞𝐜𝐭𝐨𝐫 𝐨𝐟 𝘊𝘰𝘢𝘭 𝘔𝘪𝘯𝘪𝘯𝘨, 𝐚𝐥𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐢𝐨𝐧 𝘔𝘢𝘳𝘬𝘦𝘵-𝘸𝘦𝘪𝘨𝘩𝘵), 𝐆𝐆𝐑𝐌, 𝐔𝐍𝐕𝐑, 𝐈𝐂𝐁𝐏 (𝐬𝐞𝐜𝐭𝐨𝐫 𝐨𝐟 𝘊𝘰𝘯𝘴𝘶𝘮𝘦𝘳, 𝐚𝐥𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐢𝐨𝐧 𝘖𝘷𝘦𝘳𝘸𝘦𝘪𝘨𝘩𝘵 ), 𝐀𝐒𝐈𝐈 (𝐬𝐞𝐜𝐭𝐨𝐫 𝐨𝐟 𝘈𝘶𝘵𝘰𝘮𝘢𝘵𝘪𝘷𝘦, 𝐚𝐥𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐢𝐨𝐧 𝘔𝘢𝘳𝘬𝘦𝘵-𝘸𝘦𝘪𝘨𝘩𝘵), 𝐚𝐧𝐝 𝐀𝐂𝐄𝐒, 𝐒𝐂𝐌𝐀, 𝐌𝐀𝐏𝐈 (𝐬𝐞𝐜𝐭𝐨𝐫 𝐨𝐟 𝘛𝘳𝘢𝘥𝘦, 𝐚𝐥𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐢𝐨𝐧 𝘖𝘷𝘦𝘳𝘸𝘦𝘪𝘨𝘩𝘵),𝐚𝐧𝐝 𝐓𝐊𝐈𝐌 (𝐬𝐞𝐜𝐭𝐨𝐫 𝐨𝐟 𝘉𝘢𝘴𝘪𝘤 𝘐𝘯𝘥𝘶𝘴𝘵𝘳𝘺, 𝐚𝐥𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐢𝐨𝐧 𝘔𝘢𝘳𝘬𝘦𝘵-𝘸𝘦𝘪𝘨𝘩𝘵).
Cheers,