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JCI retreats back to 4,500 level at opening
JCI down: A man passes by a trading panel in Indonesia Stock Exchange (IDX)
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JCI down: A man passes by a trading panel in Indonesia Stock Exchange (IDX). (Illustration: Kontan.co.id) (IDX). (Illustration: Kontan.co.id)
JCI down: A man passes by a trading panel in Indonesia Stock Exchange (IDX). (Illustration: Kontan.co.id)
Ahead of the national holiday to mark the simultaneous regional elections, the Jakarta Composite Index (JCI) opened in the red zone, past the important threshold of 4,500 at Tuesday's opening, while the rupiah slightly strengthened.
The stock market benchmark dropped 26.13 points to 4,495.26 at the opening, but the JCI's position has improved, standing at 4,505.14 as of 11 a.m.
Fifty-three stocks rose, 120 stocks dropped, and 59 others remained unchanged. The transaction value reached Rp 1.06 trillion (US$ 76.9 million), involving 1.21 billion lots of shares.
"The JCI is going to be affected by China's trade data and the eurozone's gross domestic product (GDP) release. They should send good news today," said an analyst at Reliance Securities Lanjar Nafi as quoted by Kontan.co.id.
He predicted that the JCI would show mixed results until the end of the trading session today, and would try to strengthen with the moving average of 4,495 to 4,580.
Meanwhile, the rupiah strengthened 0.2 percent to Rp 13.823 per US dollar, after Bank Indonesia released a foreign currency reserve figure, which stood at $100.2 billion as of November.
A researcher and analyst at PT Monex Investindo Futures Putu Agus Pransuamitra said the market would be affected by the US jobs data, which was in accordance with the Fed's expectation.
"In the domestic market, we have limited supporting variables for the rupiah [to appreciate]," Putu said, predicting that the rupiah would hover between 13,750 and 13,920. (ags)
