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JCI drops 10.91 points after 3 day rise
(Courtesy of tempo
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(Courtesy of tempo.co) (Courtesy of tempo.co)
(Courtesy of tempo.co)
The Jakarta Composite Index (JCI) fell 10.91 points to 4,342.97 in Friday's opening session. An analyst said he expected Indonesia's equities market to correct today, following three consecutive days of grow, from Tuesday to Thursday.
The stock benchmark index declined further at 9:35 a.m., by 0.89 percent or 37.89 points to 4,216.98. There were 113 stocks that dropped, and 51 stocks that rose, while the remaining 57 were stagnant.
All of the sectoral indices in Jakarta were in the red zone, led by miscellaneous industry (down 2.27 percent), agriculture (down 1.13 percent) and the manufacturing sector (down 0.84 percent).
'We saw a 'spinning top' candle pattern in the last session of Thursday's trading. This signal will possibly stop the next rallies in [Friday's] stocks market,' said head of research at KBD Daewoo Securities Betrand Raynaldi in a morning note to clients.
A spinning top is a situation in the market where neither the buyers nor the sellers have a clear win, as the stock benchmark index remained relatively unchanged from its opening, indicating that the market is indecisive.
This pattern, Bertrand continued, showed that the stock market would not have more energy to increase further in the last trading day of the week. 'The JCI will test the resistance level of 4,270 before decreasing to the support level of 4,209-4,210,' he said.
The regional markets were varied at openings. Japan's Nikkei 225 Index dropped 0.56 percent, but Hong Kong's Hangseng Index soared 2.32 percent. The Dow Jones Industrial Average Index in the US retreated 0.08 percent last night (Jakarta time), as the markets were waiting for a release of US labor data. (ags)(++++)
