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Jakarta Post

JCI continues its rally as commodities markets gain

(thejakartapost

The Jakarta Post
Fri, November 27, 2015

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JCI continues its rally as commodities markets gain (thejakartapost.com/Wienda Parwitasari) (thejakartapost.com/Wienda Parwitasari)

(thejakartapost.com/Wienda Parwitasari)

The Jakarta Composite Index (JCI) continued its Thursday rally by strengthening 0.2 percent to 4,606.23 at the opening session on Friday, and is predicted to maintain its psychological level of 4,600 throughout the last trading day of the week.

First Asia Capital analyst David Nathanael said the current rally in commodities markets would likely help stock markets to gain, including in Indonesia, a commodities-based economy.

'€œA rebound in commodities markets, especially metal commodities, would lead to a rally in metal-related stocks,'€ he said in a research note, as quoted by kontan.co.id on Friday in Jakarta.

He predicted the Indonesian stock benchmark index would hover between its support level of 4,580-4,540 and its resistance level of 4,630-4,655.

Nine of 10 sectoral indexes supported Friday's morning rally, led by the agriculture sector index and the basic industrial index with 0.42 percent and 0.35 percent gains, respectively.

At the opening session in the bourse, foreign investors booked a net buy of Rp 349.48 billion (US$25.41 million). They mainly collected banking stocks, and second-line stocks in the cement, pharmaceuticals and animal-feed sectors. (ags)(+)

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