The Insider Stories Morning Notes – JCI expected to move sideways, players await new leads

JAKARTA (TheInsiderStories) –  Indonesian shares are expected to move sideways today as market players are awaiting for fresh leads to make aggressive moves. Trading is likely to focus on stocks that are expected to perform better this year.

Desmond Wira, a market analyst, projected to JCI to move sideways again today, with support level of 5,600 points and resistance level at 5,700.

On Wednesday, the Jakarta Composite Index (JCI) closed down 28.44 points or down 0.5 percent at 5,647 points, after hovering between 5,647-5,868 points.

The total transaction reached Rp6.92 trillion. As many as 90 stocks rose, 240 declined, 87 were unchanged and 165 stocks were untraded.

Eight of ten sectoral indices weakened, and only two sectoral indices ended in positive zone.

In foreign exchange market, the rupiah was traded at Rp13,308 to the US dollar at the market close.

Overnight in Wall Street, Dow Jones rose 8.01 points or up 0.04 percent at 20,957 and S&P500 fell 3.04 points or down 0.13 percent at 2,388. (*)