JAKARTA (TheInsiderStories) – Indonesian shares are expected to trade higher today, extending yesterday’s gains, partly driven by news of widening trade surplus in April.
Indonesia recorded exports of US$13.17 billion in April 2017, declined 10.30 percent from previous month, but rose 12.63 percent from the same month last year. Imports reached US$11.93 billion, declined by 10.20 percent from previous month, but rose 10.31 percent from the same month last year.
As a result, Indonesia recorded trade surplus of US$1.25 billion, widened from surplus of US$1.23 billion in March this year, the Central Bureau of Statistic (BPS) data showed on Monday (May 15).
On Monday, the Jakarta Composite Index (JCI) closed higher 13.65 points or up 0.24 percent at 5,688.87 points, while LQ45 closed up 0.61 percent at 952.45.
As many as 143 stocks ended higher, helped drive the JCI to closed in positive territory after suffering selling pressure early in the day, while 173 stocks weakened and 116 were unchanged. The transaction value reached Rp6.9 trillion.
Analyst with Indosurya Mandiri Sekuritas William Surya Widjaya projected the JCI to extend gains today, moving within support level of 5,623 and resistance level of 5,718 points.
“There is chance for the JCI to reach new records. Today, the JCI has a potentiality to strengthen,” he said.
The fluctuation of coal price, he said, may prompt market players to trade cautiously mining stocks.
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