Indonesian stocks estimated to advance

Wandrik Panca Adiguna | 29 Desember 2010 01:42 WIB

JAKARTA: Jakarta Composite Index is predicted to surge today and move within the range of 3,614 3,633 in support level and 3,691 in resistance.

Betrand Raynaldi, PT eTrading Securities analyst, said the growth occurred due to window dressing in the end of the year. He did not see any sentiment from domestic and foreign that possible affect the index movement.Window dressing has been started yesterday. The volume was unusual but index keep on improving. It might continue tomorrow, he added.The sectors, which might sustain todays movement, are coal and plantation sectors.As for the end of this year, he optimistic that the index could continue to rise and reach 3,750 while for the next year the index is believed to be moving at the level of 4,200-4,300.Window dressing is estimated to continue until the end of 2010. It might hike 3% in the last 2 days so it possibly reach 3,700 -3,750 at the end of the year,On yesterdays trading, JCI was still in a positive territory to continue strengthening as on December, 27. The rising on oil prices might end global crisis and bring a new optimism to the market.As booked on Tuesday trading, index moved 0.96% to 3,659.99 while BISNIS-27 was only slightly lifted 0.64% to 319.72, lower than JCIGrowth on commodity prices, triggered by the fed policy easing could drive market to buy them. Moreover, the hiking CPO which reached 33-month high might add their demand.Crude oil is predicted to jump, due to the current weather condition that rise heating oil demand.The higher price on oil was also supported by OPEC that has no plan to expand world oil supply as it is still considered sufficient. At the moment, crude oil for February delivery is traded at US$91.24 per barrel. (t05/wiw)

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