JCI may go up on technical rebound, Wall Street gains
JAKARTA (TheInsiderStories) - Indonesian stock market is expected to trade in positive territory today, on technical rebound following losses in the early this week, with gains in Wall Street overnight may weigh on market sentiment, analysts say. Gains however may be limited as some investors may wait and see for new drivers.
Gains in Wall Street overnight were led by energy stocks following a rise of crude oil price on news Saudi Arabia and Russia might agree on freezing oil production. This may inject positive sentiment on energy and mining stocks in domestic market.
Dow Jones Index closed up 164.84 points or up 0.94 percent at 17,721,25.
On Tuesday, the Jakarta Composite Index closed up 42.60 points or up 0.89 percent at 4,829.57.
William Surya wijaya, head of research of PT Asjaya Indosurya Securities said technically he expects the JCI to trade within range of 4,756-4,881. He said the JCI is still in “consolidation mode”. He noted rebound of crude may add positive sentiment on the market today, which may prompt buying interest in energy and mining stocks.
Today’s menu according to Indosurya:
- BMRI
- JSMR
- GGRM
- ASII
- SMCB
- BBNI
- UNVR
- BBCA
- WIKA
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