JAKARTA (TheInsiderStories) - Indonesian shares are expected trade higher today, on technical rebound following recent days decline, with gains in Wall Street overnight may help inject positive note on domestic market.
On Monday, the Jakarta Composite Index (JCI) closed lower 30.264 points or down 0.63 percent at 4,808.319 points, while LQ-45 fell 5.890 points or down 0.71 percent at 826.624.
US shares finished higher overnight, boosted by financial and consumer stocks. The Dow Jones rose 118 points to 17,891, while the S&P 500 gained 16 points to 2,081. The Nasdaq added 42 points, closing at 4,818.
Decliners led gainers by 192 to 135, with 73 stocks unchanged. The trading volume reached 4.24 billion shares valued at Rp4.19 trillion.
William Surya Wijaya, head of research of Asjaya Indosurya Securities, said technically he expects the JCI to trade within range of 4,774 support level and resistance levle of 4,881 points.
He said the JCI has been under selling pressure in the past few days, coupled with the changing of stocks fraction and mixed results of companies earnings in the first quarter. The news of deflation on April of 0.45 percent announced by the Central Bureau of Statistics (BPS) on Monday did little to lift the market. He however sees that the selling pressure on the market is now limited that may prompted players to make selective buying. “Therefore, the JCI today has the potentiality to go up,” hesaid.
Today’s menu :
- JSMR
- SMCB
- BBCA
- UNVR
- HMSP
- ADHI
- INDF
- KLBF
- AALI
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