JCI seen higher on BI rate cut, Wall Street
JAKARTA (TheInsiderStories) - Indonesian stock market is expected to trade higher today (March 18) with market sentiment is bolstered by Bank Indonesia’s decision on Thursday to further cut BI rate by 25 basis points to 6.75 percent, the third cut this year. The positive sentiment is also aided by Wall Street, which ended higher on Thursday.
Reza Priyambada, Head of Research NH Korindo Securities Indonesia, expects the Jakarta Composite Index (JCI) to trade within support level of 4,827-4,862 points and resistance level of 4,910-4,922 points.
He however warned that the market rise could be limited as some investors may decided to take profit later in the day.
On Thursday, the JCI gained 24.25 points or up 0.50 percent to close at 4,885.69 points.
Meanwhile, In Wall Street, Dow Jones index closed up 155.73 points or up 0.9 percent at 17,481.49 points, S&P Index gained 13.37 points (up 0.66 percent) to close at 2,040.59 points, and Nasdaq Index was up 11.02 points (0.23 percent) at 4,774.99 points.
Stocks to watch, according to NH Korindo Securities:
CTRA, trading range: 1340-1385
MPPA, trading range: 1660-1765
WSKT, trading range: 1940-2000
LSIP, trading range: 1750-1890
PWON, trading range: 525-555
AKRA, trading range: 7425-7875
UNTR, trading range: 15275-15675