JCI expected to move sideways on lack of strong driver
JAKARTA (TheInsiderStories) - The Indonesian stock market is expected to move sideways today on lack of strong drivers that could lift the market. Falls in Wall Street overnight may also weigh on market sentiment.
On Monday, the Jakarta Composite Index (JCI) ended lower by 59.730 points or lost 1.23 percent to close at 4,786.974 points, while LQ45 Index fell 13.398 points or down 1.60 percent at 826.315 points.
Foreign investors were net sellers amounting to Rp427.71 billion. Losers led gainers 213 to 91, with 88 stocks were unchanged, with transaction value of Rp5.34 trillion.
Asian stock markets closed mixed, with Hang Seng, Straights Times indexes recorded an increase, while Nikkei 225 Index ended lower.
US stocks turned lower as investors looked ahead to earnings season. Dow Index fell 1.12 percent or down 20.6 to 17,566 points, Nasdaq lost 0.36 percent, or down 17.3 points at 4,833, while S&P 500 fell 0.27 percent or down 5.6 at 2,042.
William Surya Wijaya, the head of Research Department of PT Asjaya Indosurya Securities expects the market to move sideways given lack of strong sentiments. Technically, he expects the JCI to move within range of 4,756 and 4,863 points today (April 12).
He however noted that from long-term timeframe, this consolidation period could also used by some market players to make selective buying, therefore there is potential for technical rebound later in the day.
Today’s trading menu, according to Indosurya :
- BMRI
- BBNI
- ASRI
- JSMR
- WIKA
- ADHI
- INDF
- SSMS
- KAEF
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