JAKARTA: Jakarta Composite Index (JCI) is predicted to see further correction and lean to 3,650-3,770 this week.
Head of Research at PT Universal Broker Indonesia Satrio Utomo explained that JCI this week will move mixed with tendency to retreat following the decline in the last week's closing to 3,747.The correction takes place as foreign investors are likely to sell, particularly at regular market. The foreign outflow has been occurring since early November 2010 and will continue this week, he told Bisnis on Sunday.According to Satrio, although Dow Jones strengthened 40.26 points or 0.35% to 11,410.32 last week, inflation threat folowing the plan to control subsidized fuel use and declining banking shares may trigger further selling actions this week.Rights issue of PT Bank Negara Indonesia (Persero) this week is forecasted to drive down JCI, and so are those of PT Telekomunikasi Indonesia and PT Astra International, he added.The recommended shares this week are mostly on commodity stocks, mainly coal companies.The regional market indeed seems to loose strength to drive JCI up this week, amid concern on Chinese inflation. (T04/NOM)
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