JAKARTA (TheInsiderStories) - Indonesian shares are expected to be mixed as investors are likely to chase banking and consumer stocks after the central bank, Bank Indonesia, decided to cut BI 7-day repo rate by 25 basis points to 4.75 percent. However, some players may be hesitated to make aggressive moves, awaiting for strong leads.
On Friday, the Jakarta Composite Index (JCI) ended up 6 points or up 0.10 percent at 5,409.24 with transaction value reaching Rp4.6 trillion.
Five industries indices increased led by consumer stocks, while mining, agriculture, miscellaneous and trade industries stocks declined. As many as 173 stocks increased, 148 stocks declined and 103 stocks were unchanged.
Bahana Securities expects the JCI to move mixed today, hovering within tight range of support level of 5,400 and resistance level of 5,450 points.
Stocks to watch are including Indofood (INDF), Waskita Karya (WSKT), Bank Rakyat Indonesia (BBRI), Kimia Farma (KAEF) and Japfa Comfeed (JPFA).
At closing market Friday, the Rupiah was trading at Rp13,042 to the US dollar. Today, Bahana expects the rupiah to trade within Rp12,900-13,100 to the US dollar and expected to appreciate. (*)