JAKARTA (TheInsiderStories) - Indonesian shares are expected to move sideways today as selling pressure is still haunting the market amid lacklustre global markets and lack of strong news that could drive domestic market. Some market players may await for news of export-import data for April scheduled to be released today.
The Jakarta Composite Index (JCI) closed lower 41.6 points or down 0.87 percent last Friday at 4,761.72 points in line with weakening of regional markets after China release less discouraging economic data. Export and imports of China in April weakened.
Reza Priyambada, head of research of NH Korindo Securities Indonesia, expects the market to trade within support level of 4,725-4,739 and resistance level of 4,776-4,789 today (May 16).
He said the market declined last week as market players offloading their shares. Such trend could continue today if there are no strong new incentives to lift the market.
“If there are not enough strong positive sentiments, the market could extend its weakening today. Although we hope the JCI reverses its current trend, there is a need to be on alert on any changes in market sentiment that could lift the market,” he said
Today’s menu:
- MIKA
- SCMA
- BMTR
- AISA
- GIAA
- GJTL
- UNVR
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