Research & Stock Picks

Daily Report

03 April 2023

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JCI Might Start April with a Rally

US stocks closed higher on Friday (3/31); Dow Jones +1.25%, S&P 500 +1.44%, and Nasdaq +1.74%. The market got a boost on Friday from the cooler-than-expected core PCE index (0.3%, cons: 0.4%; PCE is the Fed’s preferred inflation gauge), which helped the three major indexes wrap up a winning quarter (Nasdaq posted its best quarter since 2020). The UST 10Y yield fell -2.08% to 3.473%, and the USD index slipped -0.47% to 102.16.

 

Commodity market moved sideways on Friday (3/31); WTI oil +1.79% to USD 75.7/bbl, Brent +1.75% to USD 75.67/bbl, coal +2.93% to USD 193/ton, nickel +2.82% to USD 23,745, while CPO slipped -0.87% to MYR 3,758 . Gold fell -0.58% to USD 1.986/toz.

 

Asian markets closed higher on Friday: Kospi +0.97%, Nikkei +0.93%, Hang Seng +0.49%, and Shanghai +0.36%. JCI ended Friday’s session at 6,805.3 (-0.05%) with net foreign buy of IDR 357 billion in the regular market and IDR 5.8 billion in the negotiated market. The largest foreign inflow in the regular market was recorded by BBCA (IDR 216.8 billion), followed by BMRI (IDR 76.7 billion), and BBNI (IDR 69.6 billion). The largest foreign outflow in the regular market was recorded by GOTO (IDR 87.4 billion), followed by BBRI (IDR 61.9 billion), and UNTR (IDR 54.1 billion). The top leading movers were BMRI, ASII, and TPIA, while the top lagging movers were GOTO, BBCA, and TLKM.

 

Both Nikkei (+0.95%) and KOSPI (+0.97%) opened higher this morning. We expect the JCI to move up today, supported by positive global and regional sentiments.

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