JCI seen higher on technical rebound
JAKARTA (TheInsiderStories) - The Indonesian market is expected to trade in positive zone today, with buying interest in selected stocks on technical reasons, with rebound of Wall Street on Friday weigh on market sentiment.
On Friday, the Jakarta Composite Index closed down 20.581 points or down 0.2 percent at 4,846.704, while the LQ-45 index declined by 5,821 points or 0.69 percent at 839.713.
Losers led gainers 128 to 154, with 95 stocks unchanged.
Reza Priyambada, head of research of NH Korindo Securities Indonesia, expects the JCI to trade within support level of 4,809-4,822 points and resistance level of 4,861-4,883 points.
He said the fall of some stocks last week could offer opportunities for market players to move in. The recovery of some global market Friday could help inject positive sentiment on the market todya.
Recovery of crude price in the world market could trigger buying interest in selected energy stocks.
Today’s menu, according to NH Korindo Securities: SILO, BSDE, SMBR, SMGR. (*)