JAKARTA (TheInsiderStories) - Indonesian shares are expected to trade mixed today, as market players are likely to opt cautiously while waiting for new leads to enter the market.
JCI ended the week in the red after showing downward trend for the week, following strong rally in previous weeks. Market players tended to offload some shares to take profit.
On Friday, the Jakarta Composite Index Closed down 41.892 points or down 0.77 percent to 5,377, while LQ-45 lost 7.617 points or down 0.82 percent to 921.522. The declines were led by miscellaneous industry stocks (1.8 percent), followed by manufacturing stocks index 1.18 percent.
Trading volume reached 6.547 points valued at Rp7.434 trillion, with foreign capital inflow amounted to Rp682 billion.
Toward the end of the week, Asia shares were in green zone although China’s economic data showed weak sign after its fixed asset investment fell from 9 percent to 8.1 percent, industrial production also slowing down from 6.2 percent to 6 percent, retail sales slowed down from 10.6 percent to 10.2 percent. On positive note, US stocks went up, partly boosted by a rise in oil price.
Reza Priyambada, Head of Research of NH Korindo Securities Indonesia (NHK), said JCI is projected to trade between support level of 5,350-5,360 and resistance level of 5,400-5,483. It is expected that the release of domestic economic data in the coming days would inject some positive note to the market.
Stocks to watch:
DGIK
AISA
ISSP
VIVA
PWON
TOTO
HITS
(*)