Research & Stock Picks

Daily Report

06 June 2023

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JCI Might Move Sideways Today (06/06)

JCI Might Move Sideways Today

 

US stocks closed lower on Monday (6/5); Dow Jones -0.59%, S&P 500 -0.20%, and Nasdaq -0.09%. The market lost some steam as investors digested weaker-than-expected economic data ahead of next week’s Fed meeting.  Also, the announcement that regulators are considering raising capital requirements for large banks caused bank stocks to decline. The UST 10Y yield rose +0.14% to 3.698%, and the USD index rose +0.44% to 104.02.

 

Commodity market closed mostly higher on Monday (6/5); WTI oil +0.21% to USD 71.9/bbl, Brent +1.6% to USD 77/bbl, coal +4.47% to USD 137.75/ton, nickel -0.88% to USD 20,849, CPO closed at MYR 3,390, and gold +0.4% to USD 1,977.5/toz.

 

Asian markets closed higher: Kospi +1.25%, Nikkei -0.61%, Shanghai +0.07%. JCI closed at 6,633.4 (+0.00%), with foreign investors recording an overall net buy of IDR 721.2 billion; IDR 613.9 billion in the regular market, and IDR 107.3 billion in the negotiated market. The largest foreign inflow in the regular market was recorded by BBCA (IDR 301.9 billion), followed by ASII (IDR 156.9 billion), and GOTO (IDR 135.8 billion). The largest foreign outflow in the regular market was recorded by BBRI (IDR -215.3 billion), followed by BMRI (IDR -191.7 billion), and PGAS (IDR -30.8 billion). The top leading movers were ASII, BBCA, and TLKM, while the top lagging movers were GOTO, BBRI, and BYAN.

 

Nikkei (-0.67%) and KOSPI (+0.54%) had a mixed opening this morning. We expect the JCI to move sideways today, given mixed sentiments from global and regional markets.

 

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