The Insider Stories Morning Notes – JCI expected to extend gains

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JAKARTA (TheInsiderStories) – Indonesian shares are expected to trade in positive territory today, extended last Friday’s gains, driven by buying interest in selected big cap and mining stocks.

Last Friday (June 3), the Jakarta Composite Index (JCI) gained 20.697 points or 0.43 percent at 4,853.922, while LQ45 closed up 3.393 points or up 0.41 percent at 830.941. The gains led by mining stocks index which gained 1.99 percent and construction stocks which went up .26 percent.

As many as 4.49 billion stocks changed hands valued at Rp4.59 trillion.

Reza Priyambada, head of research of NH Korindo Securities Indonesia, said he expects the shares to trade within support level of 4,785 and resistance level of 4,826 points. The index needs to break the resistance level of 4,846 points before going up further.

He however noted the JCI could come off later in the day if there is not enough strong incentives to support the market, therefore, market players need to be on alert.

Stocks to watch:

– BBRI
– PPRO
– DILD
– AALI
– MYOR
– GGRM
– INDY

Economic data to be released this week:
Indonesia: (7/6) Forex reserves; (9/6) Car sales

China: (7/6) Forex reserves; (8/6) Balance of trade, exports, imports; (9/6) Inflation rate, PPI

Australia: (6/6) TD-MI inflation gauge; (7/6) AIG construction index, RBA interest rate decision; (8/6) Home loans, investment lending for homes; (9/6) NAB business confidence

Japan : (7/6) Forex reserves, coincident index, leading economic index; (8/6) GDP growth rate, bank lending, current account; (9/6) Machinery orders

South Korea : (9/6) Interest rate decision;

Germany : (6/6) Factory orders; (7/6) Industrial production; (9/6) Balance of trade, current account

Franch: (7/6) Balance of trade, current account, budget balance; (9/6) Non farm payrolls

Spain: (7/6) Industrial production

UK: (6/6) House price index, consumer inflation exposure; (8/6) Manufacturing production, industrial production, NIESR GDP est., (9/6) Balance of trade

Italy: (9/6) Construction output, inflation rate

Euro Zone: (6/6) Retail PMI; (7/6) GDP growth rate

US : (6/6) Fed labor market conditions index, consumer credit; (7/6) Nonfarm productivity, redbook. Economic optimism; (8/6) MBA mortgage applications; (9/6) NFIB business optimism index, Initial jobless claims, wholesale inventories

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Source: The Insiderstories
The Insider Stories Morning Notes – JCI expected to extend gains

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