JAKARTA (TheInsiderStories) - Indonesian shares are expected to move sideways amid lack of fresh incentives to drive the market. Some players however may opt to accumulate some stocks following significant declines last week.
On Friday, Jakarta Composite Index (JCI) closed down 28.738 points or down 0.59 percent at 4,848.056, while LQ-45 fell 7.432 points or down 0.89 percent at 827.494. Eight sectors declined, while only two sectors indices that recorded a rise.
Decliners led the gainers 167 to 121, with 95 stocks were unchanged. As many as 10.78 billion shares changed hands valued at Rp5.59 trillion.
On Friday, US stocks closed lower, weighed by renewed global growth concerns as benchmark yields fell to record lows and ivnestors looked ahead to U.K. vote on whether to leave European Union or not. DJIA index fell 0.67 percent to 17,965, Nasdaq lost 1.29 percent to 4,895 and S&P500 fell 0.92 percent to 2,096.
William Surya Wijaya, head of research of PT Asjaya Indosurya Securities, expects the JCI to trade within range of support level of 4,839 points and resistance level at 4,945 points.
Wijaya said a rise in some commodity prices could, however, trigger buying interest in commodity-related stocks. Therefore, JCI has the potentiality to edge up today.
Today’s menu, according to Asjaya :
- KLBF
- WTON
- SMCB
- TBIG
- BBNI
- BMRI
- INDF
- UNVR
- ASII
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