The Insider Stories Morning Notes – JCI opens higher ahead of inflation data

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JAKARTA (TheInsiderStories) – Indonesian stock market started the first week of August in positive note. On Monday (Aug. 1), the shares opened strongly higher on ongoing capital inflow and upbeat on last week’s cabinet reshuffle.

The optimism was also boosted by optimism that the July inflation rate due out today is likely to be remain under control although it may be higher on the back of Idul Fitri festivity.

In addition, market players are optimism that the tax amnesty policy under the newly appointed Finance Minister Sri Mulyani Indrawati should be a successful one. As a result, some analysts have revised up their JCI target for this year.

At 09.10, the Jakarta Composite Index rose 101.295 points or up 1.94 percent to 5,317.289 points, while LQ-45 rose 23.264 points or up 2.01 percent at 916.106.

On Friday, the JCI closed down 83 points or down 1.57 percent at 5,215.

Reza Priyambada, head of research of NH Korindo Securities Indonesia, said technically the JCI to trade within  support level of 5,175-5,188 and resistance level of 5,270-5,375. He said the JCI is still in uptrend mode, however he warned that there could be some profit-takings along the way.

Stocks to watch today:

– MLPL

– BEST

– INTP

– ELSA

– ADHI

– ISSP

– BSDE

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Source: The Insiderstories
The Insider Stories Morning Notes – JCI opens higher ahead of inflation data

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