JAKARTA: The Jakarta Composite Index is predicted to continue rally and is poised to test the new level at 4,000 this week on relatively stable global situation. Analyst at PT Infovesta Utama Praska Putrantyo said that the index is to move between 3,875-4,025 this week after topping 3,900 last weekend."Today and tomorrow, I think the index ready to test 4,000, after that the index will be easily exposed to profit taking," he said. Praska suggests investors to anticipate the June inflation which was more than market estimation at 0.55%, the determination for US debt peg and Chinese slowdown potential.He sees US economy is in better shape after the data on US manufacturing released last week showed improvement. Then other US economic data that shall be anticipated this week will be the unemployment rate, predicted to stable at 9.1%, he analyzed.Potential Chinese economic slowdown will send negative sentiment to the market. Chinese business activity in June fell to 50.9% from 52% in May. China's policy on increased reserve requirement is well responded and finally hits the business activity, he said. Managing Research at PT Indosurya Asset Management Reza Priyambada also anticipates profit taking to take place this week, as index went beyond expectation.He also monitored the issue of Greece bailout package which could lead global market, including Indonesian market, into another turmoil if International Monetary Fund cancels fund injection. Reza predicts the index to move at support level of 3,820-3,860 while the resistance is at 3,935-3,985. (NOM)
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