JCI likely to be in green territory, ahead of FOMC, BI board meeting
JAKARTA (TheInsiderStories) - Indonesian market has the potential to trade in green territory today (March 14) although the rise is limited as some players opted for cautious trading ahead of Bank Indonesia board meeting and the Federal Open Market Committee (FOMC) meeting this week.
The Jakarta Composite Index (JCI) of the Indonesian Stock Exchange (IDX) is projected to trade within support level of 4,755-4,766 and resistance level at 4,837-4,861 points today (March 14).
On Friday (March 11), the Jakarta Composite Index (JCI) ended up 20.576 points (0.43%) at 4,831.779 points, while LQ45 index closed up 4.307 points (0.52%) at 838.614.
The Head of Research of NH Korindo Securities Reza Priyambada said the decision by the European Central Bank (ECB) to set rate in negative level has boosted sentiment on rupiah.
The strengthening of rupiah and the rise of some Asian markets last Friday are likely to inject additional positive sentiment into the stock market today. Rupiah, said Reza, is expected to be hovering between Rp13,094 support level and resistance level at Rp13,077 per US dollar.
Today’s menu, according to NH Korindo Securities:
PWON, trading range: 470-555
TINS, trading range: 690-770
GIAA, trading range: 405-445
ADHI, trading range: 2580-2745
SSIA, trading range: 650-835
TAXI, trading range: 148-175
BBTN, trading range: 1680-1765
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