JAKARTA (TheInsiderStories) - Indonesian shares are expected to trade flat with potentially go up later in the day, extending yesterday’s rise, led by buying interest in some consumer and construction stocks, analysts say.
On Monday, the JCI closed up 37 points or up 0.71 percent to close at 5,409 after moving within range of 5,388-5,418. As many as 189 stocks rose, 134 declined and 101 stocks were untraded, with trading value reaching Rp8.51 trillion.
In Asia, majority of indices rose, with Nikkei225 gained 0.41 percent, Kospi was up 0.17 percent and Hang Seng in Hong Kong rose 0.58%.
In forex market, the rupiah was trading at Rp13,324 to the US dollar at the market close, dropped 12 points from previous day.
Asjaya Indosurya expects the Jakarta Composite Index (JCI) to trade within range of support level of 5,304 points and resistance level of 5,451 points. “The closest resistance level has been passed. We will see whether it can be maintained above the current level,” the brokerage firm said in morning notes.
It said technically the next resistance level is 5,4151 point. The JCI needs to break that level before maintain uptrend in the long run. Investors, it said is now awaiting for fresh data from Bank Indonesia, including BI rate. “Correction may happen, but that could be used to accumulate stocks as the JCI is still in the uptrend mode. For today, the JCI has the potential to go up,” it said.
Today’s menu :
- ADHI
- JSMR
- BBNI
- BBCA
- PTPP
- TLKM
- HMSP
- TOTL
- KLBF
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