JAKARTA (TheInsiderStories) - Today and in the next few days Jakarta Composite Stock Price Index (JCI) will test the medium-term support at the 5,146 level, said Mandiri Sekuritas. JCI is in the short-term bearish trend, but the mining and agribusiness sectors can be an option because the prices of commodities that are still in bullish trend. The index movement today is in 5,128 up to 5,350
On Friday, JCI closed significantly corrected amid weakening Asian stock markets. The index is down -218 points (-4.01%) to 5,231 after moving between 5,231-5,380. As many as 51 stocks rose, 266 stocks declined, 65 stocks did not move, and 191 shares not traded.
Investors transact worth Rp189,16 trillion, consisting of regular transactions and negotiations Rp178,7 Rp10,46 trillion trillion. On the regular market, foreign investors recorded a net sales Rp3 trillion.
Eight out of 10 sectoral indices fell, led by various industry sectors which fell -6.57% and manufacturing fell -5.32%. From Asia, the majority of stock index significantly corrected. South Korea’s Kospi Index fell -0.91% and the Hang Seng in Hong Kong fell -1.35%, while Nikkei225 in Japan up + 0.18%.
The majority of stock indices in Europe has strengthened since it opened this afternoon. Germany’s DAX index gained + 0.32% and the CAC in France has appreciated + 0.01%, while the FTSE100 in the UK dropped -1.52%.
While Rupiah according to Rully Arya Wisnubroto, Money Market Analyst of PT Bank Mandiri, investor risk appetite deteriorated, especially in emerging market assets. It is characterized by capital outflow on the domestic stock market, which reached Rp 2.5 trillion per day.
Rully guess, rupiah volatility should remain high at least until the next month. One reason is that the US government transition process. Given the high global volatility, Rully sees that the rupiah is still likely to weaken at the beginning of this week, though not as sharp as last weekend. If there is great pressure, the central bank is likely to intervene.
Last week in the foreign exchange market, Rupiah fell -245 points (-1.86%) to Rp13.383 per US dollar, after moving in the range Rp13.233-Rp13.873.