JAKARTA (TheInsiderStories) - Indonesian shares are expected to move sideways today amid lack of fresh leads that could trigger buying activities, with some market players awaiting for results of Bank Indonesia Board meeting, analysts say.
On Wednesday, the Jakarta Composite Index (JCI) of the Indonesian Stock Exchange (IDX) ended up slightly by 5.201 points (0.11 percent)t o 4,734.357, while LQ45 closed up 1.340 points (0.17 percent) to 809.818. Six sectors gained, while four sectors declined, with highest gain was recorded by construction sector index (up 1.51 percent).
Gainers led decliners 146 to 139, with 86 stocks where unchanged. As many as 5.57 billion shares changed hands valued at Rp5.67 trillion.
Dow Jones index edged lower 3.36 points (0.02 percent) to 17,526.62 points, S&P500 index rose 0.42 points (up 0.02 percent) and Nasdaq index rose 23.39 points (0.5 percent) to 4,739.12).
Reza Priyambada, Head of Research of NH Korindo Securities Indonesia, said technically the JCI is likely to trade within support level of 4,690-4,714 points and resistance level of 4,762-4,788 points.
He said selling pressure appears to ease, therefore the market could edge up today. Some market players however may opt for ‘wait-and-see’ attitude, waiting for results of FOMC meeting as well as BI board meeting which will decide on BI Rate today.
“Overall, the market is likely to move sideways and would try to stay in positive zone,” Reza noted.
Stocks to watch:
- CPIN
- SMBR
- PPRO
- SILO
- INCO
- WOTN
- TOTL
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