JAKARTA (TheInsiderStories) - Indonesian shares are expected to move up and down in a tight range today on concerned of US rate hike, with some investors awaiting for fresh incentives to trade, analysts say.
On Friday (Mar 3), the Jakarta Composite Index (JCI) edged slightly down 0.32% or 17.04 points to 5,391.21 points, in line with the declines in most Asia Pacific stock markets, which mostly ended in red zone. Last week, the JCI, overall edged up 0.1% or gained 5.31 points to 5,385.9 points. Year-to-date the JCI has rose slighly by 1.78%.
Reliance Securities analyst Lanjar Nafi expects market players to opt for wait and see amid market speculation that the Fed could raise its fed funds rate in its board meeting this week, which could trigger investors to cash out for short-term.
Meanwhile, Asjaya Indosurya Securites William Surya Widjaja expects the market to go up slightly supported by relatively stable domestic economy.
Investors are now awaiting for fresh economic data such as foreign exchange reserves, consumer confidence index as well as retail sales. William expects the JCI to move within range of 5,358 points as support level and resistance of 5,476 points. Stocks to watch, he said, is ADHI, PGAS, ICBP, TLKM, TBIG, UNVR, GGRM, BBNI and TOTL.
Meanwhile, Lanjar of Reliance expects the JCI to remain in consolidation mode, with JCI likely to move within 5,330-5,400 points. Reliance highlighted stocks that could move the market today, including ANTM, AKRA, PGAS and MPPA. (*)