JCI in consolidation phase, eyes on FOMC, BI board meeting
JAKARTA (TheInsiderStories) - The Indonesian stock market is expected to trade mixed today (March 17) as market players await for the results of FOMC and Bank Indonesia board meeting today. Technically, analysts say, the market is now entering the consolidation phase.
The Jakarta Composite Index (JCI) is expected to move within range of 4,801 and 4,915 points, according to morning notes of PT Asjaya Indosurya Securities.
On Wednesday, the JCI closed up 11.66 points, up 0.24 percent, at 4,861 points.
Majority of Asian markets were under pressure on Wednesday ahead of FOMC meeting. The non-aggressive moves by Bank of Japan (BOJ) has made investors to act cautiously. Meanwhile, EU markets rebound ahead of FOMC meeting. Bank Indonesia is scheduled to announce its decision after midday today.
William Surya Wijaya - Research Department PT Asjaya Indosurya Securities, said the JCI is still in “consolidation phase” while waiting for the release of economic data both inside and outside the country. He noted the support looks strong enough to survive at the level of above 4801 points.
He noted if Bank Indonesia makes decision in line with market expectation the JCI index could still go up, but limited as other investors may cash out in other sectors.
Today’s menu, according to Asjaya Indosurya:
- WTON
- SMCB
- KLBF
- WIKA
- UNVR
- MPPA
- KAEF
- TBIG
- PGAS
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