JAKARTA (TheInsiderStories) - Indonesian shares are expected to go up today, extending yesterday’s gains, however, the gains are likely limited as some players are still concerned on geopolitical condition. Some players may however be hesitant to make aggressive moves ahead of long Easter weekend.
On Wednesday, the Jakarta Composite Index (JCI) strengthened by 16 points or up 0.29 percent to 5,644 points, after hovering within range of 5,631-5,650 points. The transaction value reached Rp42.15 trillion, boosted by a surge in negotiation market transaction, which reached Rp37.1 trillion. Foreign investors were net buy of Rp127.37 billion.
As many as 192 stocks rose, 135 declined and 105 stocks were unchanged.
The Asian markets ended mixed on Wednesday, with Nikkei225 falling by 1.04 percent, Kospi added 0.24 percent and Hang Seng rose 0.93 percent.
Nafan Aji, Analis Binaartha Parama Sekuritas said the move by the government to raise the budget allocation for the Public Works and Public Housing Ministry by Rp106.9 trillion in 2018 is expected to boost sentiment on construction companies. The JCI still has a good chance to go up on ongoing capital inflow, but the rise may be capped by moves by some players to offload shares on concerns on geopolitical condition.
The analysts see the JCI to move within support level of 5,624 points and resistance level of 5,660 points today. (*)