JAKARTA (TheInsiderStories) - Indonesian shares are expected to move flat with potentiality to go up later in the day, supported by capital inflow. The completion of tax amnesty program may also injected positive note on the market sentiment.
Some investors may also await for economic data, including domestic inflation data for March, which is due to be released today.
Last Friday, the Jakarta Composite Index (JCI) closed slightly lower 4 points or down 0.07 percent to 5,588 points after moving within range 5,568-5,606 points. Foreign investors were mostly selling their holdings, with net sell value of Rp315.08 billion.
Seven out of ten sectoral indices closed lower let by consumer sector index (-1.25%) and manufacturing stocks index (-0.83%). The total transaction on Friday, reached Rp8.36 trillion.
Most Asian markets on Friday ended lower, with Nikkei225 edged lower by 0.81%, Kospi in South Korea closed down 0.2% and Hang Seng fell 0.78%.
William Surya Wijaya, an analyst with Asjaya Indosurya, expects the JCI to try to break the resistance level today after reaching record level last week. It expects the JCI to move within range of 5,524 support level and resistance level of 5,623 points.
“The JCI will still try to test the support level. However, the support level remains strong after the index recorded highest intraday last week, supported by capital inflow,” Indosurya said in an investor note. Should the JCI breaks the resistance level, the JCI would confirm its uptrend.
Today’s menu :
- PGAS
- ADHI
- KLBF
- JSMR
- ASRI
- PWON
- PTPP
- MAIN
- TOTL
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