JAKARTA (TheInsiderStories) – Indonesian shares are expected to trade higher today on stable domestic interest rates after the central bank, Bank Indonesia, keep the 7-day repo rate on hold. However, the gains are likely to be capped by moves of some investors to cash out ahead of the weekend.

Reliance Sekuritas Indonesia projected the Jakarta Composite Index (JCI) today to strengthen, moving within a range of support level of 5,610 points and resistance level of 5,720.

On Thursday, the JCI closed higher, although most major global market indices declined. The JCI index rose 29.95 points (+ 0.53 percent) to 5.645 after moving between 5,577 to 5,645.

Foreign investors booked net buy of Rp370.63 billion. Meanwhile, the majority of stock indices in Europe also weakened since it opened on Thursday.

Indosurya Sekuritas noted that the central bank’s decision to hold the key rate means that the remains stable, which should provide support to the market trading today. Indosurya projected the JCI to move within range of 5,577 points support level and 5,691 points resistance level.

Stocks to watch are including MAIN, PGAS, AKRA, TOTL, PTPP, TLKM, JSMR, ICBP and UNVR.

On the money market, the Rupiah closed at Rp13,356 against US dollar, or dropped 32 points (-0.24 percent) compared to previous day.

 

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here