OVERVIEW : Focus on Rupiah
Rising major world indices, such as DJIA and HIS, should be good sentiments to drive IHSG higher. But why our market could not break 4500? We believe that our market is highly concerned with rupiah exchange rate. On Friday, rupiah hits all-time low of this year on 11700 per US dollar. Foreign investor seems to anticipate the fed’s tapering after the fed minutes on the previous day. Domestic demand of USD also will be increase due to debt payment on last December.
So, I suggest waiting before executing buy order despite of cheap valuation. I think the IHSG will lower again next day on 4.250-4.410 level. The selling pressure may be rise over 4350. I prefer to bluechips stocks that have big capitalizations such as Astra international (ASII:IJ), Unilever (UNVR:IJ), and triple banking group: Bank Mandiri (BMRI:IJ), Bank BCA (BBCA:IJ), and Bank BRI (BBRI:IJ)
NOTABLE NEWS
1. Oil production missed from APBN target. Current production is about 827-828 bph due to maintenance and old oilfield. I believe this factor could be a “trigger” to raise import that will lower rupiah again.
2. Trimegah (TRIM:IJ) feels difficult to sell their buyback shares.
3. Bank Jawa Barat Banten (BJBR:IJ) needs over 2 trillions Rupiah to strengthen its capital adequacy ratio.
4. Voksel (VOKS:IJ) lowers its annual revenue target.
5. PT ATPK Resources Tbk (ATPK:IJ) and PT Hanson International Tbk (MYRX:IJ) failed to issue new shares because of failed shareholder meeting.
6. Public shares of PT Provident Agro Tbk (PALM:IJ) will be diluted up to 9% if current public share holder do not use their right to buy new shares. Saratoga will be stand-by buyer on this right issue.
7. PT Bakrie & Brothers Tbk (BNBR:IJ) will develop their abandoned project, Tanjung Jati power plan on Cirebon.
8. PT Ramayana Lestari Sentosa Tbk (RALS:IJ) wants to enlarge consignment selling to reduce labor cost.
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