MARKET OVERVIEW
Today’s Range : 1733-1825
JCI yesterday posted a significant gain, in which up 3.39% (+58.56 points) to 1788 level. This strong movement in accord with regional market. Markets welcome ASEAN+3 $120 billion foreign-currency reserve pool as a positive sign. Also, data of China April’s Purchasing Manager Index that surge to 53.5 level give markets something to cheer. JSX transaction reached Rp 6.2 trillion, advance 20% from last Friday value. Bakrie’s stocks, banking, commodities stocks lead the rally. BUMI gain 8.55%, USNP +10.71%, DEWA +9.45%, BMRI +3.51%, BBNI +6.06% and BBRI +7.68%. Besides those, PGAS also up 3% whila PTBA +6.56%.
DJIA gain 214.33 points (2.61%) closed at 8426.74 while Nasdaq also up 2.58% to 1763 last night after investors are positive by some better-than-expected economic results. March pending home sales index jumped 3.2% while construction spending rose 0.3%. Over the weekend, Warren Buffett made a commend that he thought the recession is coming to an end and no big banks will fail. His comment and several economics data makes investors are more confident.
Today we forecast JCI still in a positive territory. Our trading range should be 1733-1825. Our top picks still of commodities (CPO price surged 12.2% to US$830/ton yesterday), mining (commodities prices) & banking sectors (possibility of BI Rate cuts). Our recommendation to buy BUMI, AALI, ADRO, PTBA, PGAS.
TODAY'S TOP PICKS
BUMI – Buy
Target Price :2175
Cut Loss :1300
Resistance : 2175
Support : 1200
Yesterday BUMI’s trade value reached Rp 1.49 trillion, which is almost 24% share of total JSX value (Rp 6.12T). Back to business that’s what they are. Once again BUMI becomes the darling of traders. Technically we see a strong support at 1570, but we upgrade our resistance to 2175. Our mid-term target would be 2175.
PTBA – Buy
Target Price :10500
Cut Loss :7800
Resistance : 10500
Support : 9000
Together with others commodities stocks, yesterday PTBA managed to gain 6.6% closed at 9750. This level has violated PTBA strong resistance at 9500. Considering its volume, we’re very positive today PTBA will post another gain if the total market moves into positive territory. We recommend PTBA a buy with our short term target price at 10500.
PGAS – Buy
Target Price : 2950
Cut Loss : 2050
Resistance : 2600
Support : 2500
PGAS has tried to break its 2600 resistance yesterday but failed. We should see any attempt today for there’s a positive momentum for commodities price. Should this resistance being broken, we set our target price at 2950. Considering high volume in the last three trading days, we still a positive movement on PGAS.
AALI – Buy
Target Price : 18300
Resistance : 18300
Cut Loss : 14500
Support : 16000
Rising in CPO price has had a positive impact on AALI. Yesterday AALI once again posted a 5.2% gains, closed at 1810 which in fact near our 18300 target price. Today we expect AALI still continue its up trend movement amid CPO price. Should our 18300 has been reached, our next target price would be 22200.
ADRO – Buy
Target Price :1300
Resistance : 1300
Cut Loss : 910
Support : 1000
Optimism in commodities prices and the hope of new investors once again surged ADRO price to 1140. Though we’re not being conformed yet, but it’s been said in the street that the aquisition price should be aroung 1100-1200. However, we’re still very positive on ADRO. Therefore our recommendation still a Buy with 1300 price target for short term trading.
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