The Insider Stories Morning Notes – JCI expected to move sideways, awaiting for fresh leads

JAKARTA (TheInsiderStories) – Indonesian shares are expected to move sideways today, as players are likely to refrain from making aggressive moves due to lack of strong fresh leads.

Desmond Wira, a market analyst projected the JCI to move sideways today, with the market is likely to trade above support level of 5,650 and resistance level of 5,750 points.
 On Tuesday (May 3), the Jakarta Composite Index (JCI) closed down 9.49 points or down 0.17 percent at 5,675 points, after hovering within 5,675-5,714 points. The transaction value reached Rp7.58 trillion. As many as 138 stocks increased, 206 declined  and 79 stocks were unchanged.

Most foreign investors bought shares as reflected in the net buy value of Rp838.37 billion. Six of ten sectoral indices weakened and four ended in positive territory. The declines were led by mining stocks index, which fell by 1.95 percent, followed by property stocks index, which lost 1.35 percent.

Most Asian stocks ended in positive territory, with Nikkei225 in Japan rose 0.7 percent, Kospi in South Korea rose 0.65 percent and Hang Seng in Hong Kong added 0.33 percent. Euro stock markets were also mostly rose with FTSE100 in UK added 0.51 percent, DAX in Germany rose 0.08 percent and CAC in France edged up 0.34 percent.

In forex market, the rupiah was traded at Rp13,312 to the US dollar in the market close on Tuesday, up 0.13 percent from  previous day.

Overnight, Dow Jones rose 36.43 points or up 0.17 percent at 20,949, while S&P500 rose 2.84 points or up 0.12 percent at 2,391.