JAKARTA (TheInsiderStories) - Indonesian shares are expected to trade mixed today as investors are likely to be cautious in entering the market after long-weekend as they are waiting for new incentives. The lower-than-expected first quarter GDP growth also is likely to weigh on market sentiment.
Last Wednesday, prior to long weekend, the Jakarta Composite Index (JCI) closed higher 10.331 points or up 0.21 percent at 4,822.595, after fell 0.86 percent in the morning session at 4,770.750 points. The LQ45 index gained 3,786 points or up 0.46 percent at 830.975.
The trading volume reached 6.24 billion shares valued at Rp 6.83 trillion. Technically, the JCI managed to trade above support level of 4,739-4,783 points, below resistance level of 4,851-4,886 points, said Reza Priyambada, Head of Research of NH Korindo Securities Indonesia, said.
Last week, the Central Bureau of Statistic (BPS) announced that Indonesia’s GDP growth in the first quarter reached 4.92 percent, grew at slower pace compared to 5.04 percent in the fourth quarter, but slightly higher compared to the GDP growth in the first quarter last year.
Reza expects the market to be mixed today as some players may opt to offload shares, while others may take risk to buy some shares that have been oversold. Market players, he said, need to be cautious while monitoring the market sentiment.
Stocks to watch:
- ASII
- ADHI
- BBTN
- ACES
- AKRA
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