JAKARTA (TheInsiderStories) - The Indonesian shares are expected to trade higher today, extending last week’s gains supported by news of better-than-expected Q2 GDP data and a rise in foreign exchange reserves, analysts say.
On Friday (Aug. 5), the Jakarta Composite Index (JCI) closed up 46.383 points or up 0.86 percent to 5,420.246. Meanwhile, LQ45 gained 7.401 points or up 0.80 percent to 932.186. as many as 7.27 billion shares changed hands valued at Rp9.87 trillion.
Reza Priyambada, head of research of NH Korindo Securities Indonesia, said technically the JCI is projected to trade above support level of 5,275-5,385 and resistance level of 5,435-5,450.
He said the release of economic data helps boost market sentiment. He, however, noted that there could be profit-taking in selected stocks following recent sharp gains.
Indonesia posted Q2 GDP growth of5.18 percent y0y, better than expected, while foreign exchange reserves n July rose to US$111.4 billion from US$109.8 billion at end June.
Stocks to watch:
ISSP
TLKM
HMSP
BMRI
GJTL
IMJS
CPIN
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