JCI Likely Mixed at 2,355-2,370

Tuesday, 24 June 2008 09:32:02
StockWatch (Jakarta) - The Jakarta composite index (JCI) is likely to move mixed on Tuesday (24/6) at 2,355-2,370 with next intraday support and resistance target at 2,345-2,375.

Mega Capital Indonesia's head of research, Felix Sindhunata, said the market still lacks sentiment while global and regional tended to move mixed in narrow ranges, so the Jakarta stock market index is likely to move mixed as well.

Sindhunata said the market is waiting for the result of meeting of the Federal Open Market Committee (FOMC) on June 25 US time, as well as for domestic economic data like the June inflation and the result of meeting of Bank Indonesia (BI) board of governors next week.

JCI closed lower on Monday (23/6) by 9.032 points (0.381%) at level 2,362.744 on global and regional stock markets, contributed mainly by financial and trade sectors as mining, infrastructure and consumer sectors were up.

Meanwhile, Henan Putihrai Asset Management's head of research, Prayoga Ahmadi Triyono, said the composite index is expected to move sideways today, as continued increase in global crude oil prices will cause investors to wait and see.

Technically, using the Candlestick chart, the composite index has formed spinning top pattern which indicates a neutral position and the need of one more closing day to determine the index direction in the near future.