JAKARTA (TheInsiderStories) - The Indonesian stock market could go up today (April 26) on technical rebound after closing in red zone on Monday, but losses on Wall Street overnight may cap the gains. Investors are now eyeing first quarter results which are beginning to be announced.
On Monday, the market opened slightly higher in the morning, but did not last long as players decided to cash out amid lack of incentives. The Jakarta Stock Exchange (JCI) ended the day lower by 35.875 points or down 0.73 percent at 4,878.862, while LQ45 lsot 7,215 points or fell 0.85 points at 845.865. Financial stocks led the decliners, while mining, basic industries and infrastructures gained.
The trading value reached Rp5.84 trillion, with 130 stocks went up, 179 declined and 84 were unchanged.
The US stocks closed slightly lower over night with energy leading decliners and defensive sectors among the leaders, ahead of major central bank meetings and earnings due later this week. Dow Jones closed at 17,977 points or down 26.5 (-0.15 percent), Nasdaq closed at 4,895 points or down 10 points (-0.21 percent) and S&P 500 closed at 2,087 points or down 3.79 point (-0.18 percent).
William Surya Wijaya, head of Research Department of PT Asjaya Indosurya Securities, expects the JCI to trade within 4,856 and 4,927 points today.
The JCI is now moving in consolidation phase, above strong support level of 4,856 points. Technically, the market still has upsides in the medium term, and likely to move sideways in the short term. The market sentiment is expected to be influenced by financial results of the companies for first quarter, which is expected to be variety.
The next resistance level target is 4,927 points, before the market could go up any further. As for today, the JCI has the potentiality to rebound, said Wijaya.
Today’s menu according to Indosurya:
- BBNI
- JSMR
- TBIG
- GGRM
- TLKM
- BWPT
- WIKA
- PTPP
- PPRO
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