Index consolidation continues

JAKARTA: Jakarta Composite Index (JCI) is expected to consolidate this week and move within the range of 3,530 3,629.
Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 21 Desember 2010  |  01:13 WIB

JAKARTA: Jakarta Composite Index (JCI) is expected to consolidate this week and move within the range of 3,530 3,629.

The analyst of Valbury Asia Futures Nico Omer Jonckhere said that for now there is no trigger that could increase the index.

In addition, the index movement today is still influenced by the US Stock Exchange and regional stock exchange such as Korea and Hong Kong that are also consolidating."The US, Korea, and Hong Kong stock exchanges are still consolidating. The commodity prices also didnt move. So there are not many triggers. Tomorrow [today] is still consolidating and seems the same for this week, which establishing foundation as the preparation for the index increase at the end of year," he said.The stock sectors that still expected to move positively today are the stocks in property sector, cement, consumer goods and commodities such as coal and palm oil.The JCI re-corrected after recently rebounded in the last weekends closing. The lack of sentiment within the country made the index continued to depress from overseas and recorded weakened at 0.36% to 3,568.81. Meanwhile, BISNIS-27 index fell 0.12% to 321.94.The index was opened higher in early trading but as the index moved, it began to depress and continues to be in negative territory. In fact, reaching its lowest level at 3,537.67 before the first session closing ended.The decrease in stock was also following the decline that occurs in regional exchange. The regional stock exchange was averagely depressed due to the crisis in the Korean peninsula that continues to heating up.Moreover in the macro economy, the high of foreign flow brought instability to the economy as shown in the World Banks third quarter report.It was characterized with the decline on yields of government bond from 9.9% to 7.1% and 10 years bond from 8.8% to 6.5%. The correction that may occur in the JCI should also be worried since the JCI has risen over 40% during 2010. (t06/wiw)

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