The Insider Stories Morning Notes – JCI seen higher on forex reserves news

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JAKARTA (TheInsiderStories) – Indonesian shares are expected to trade higher today, extending yesterday’s gains, partly boosted by news on higher foreign exchange reserves.

Bank Indonesia said the country’s foreign exchange reserves at end of August 2016 stood at US$113.5 billion, higher than previous month of US $ 111.4 billion. The increase was primarily driven by the receipt of foreign exchange reserves, among others, comes from tax revenues and foreign oil and gas, the withdrawal of foreign government debt, and the results of the auction Securities Bank Indonesia (SBBI) currency, which exceed the needs of foreign exchange for payment of foreign debt and SBBI currency due date.

On Wednesday, the Jakarta Composite Index rose 9 points or up 0.17 percent to 5,381 after moving within range 5,357-5,393 points. As many as 133 shares rose, 157 stocks declined and 96 stocks were unchanged. Trading value reached Rp6.98 trillion. Five sectoral indices were up, led by mining stocks, which rose 0.93 percent, followed by financial stocks index which rose 0.76 percent.

In Asia, Nikkei225 index fell 0.41 percent, Kospi weaked by 0.23 percent and Hang Seng index in Hong Kong dropped by 0.19 percent.

Most euro stocks rose, with FTSE100 index added +0.01 percent, DAX gained 0.22 percent, and CAC in France added 005 percent. 

The rupiah was trading at Rp13,085 to the US dollar on Wednesday at the market closing.

Asjaya Indosurya said in its morning notes that the JCI is projected to move within range of 5,336 support level and resistance level of 5,458.

“The JCI is still in consolidation phase,” it said. If the JCI break the resistance level of 5,458, it may continue its upward trend, otherwise the JCI may record healthy correction.

Indosurya noted that the release of economic data, in particular a rise in forex reserves can help lift market sentiment that could drive the market higher today.

Today’s menu, according to Indosurya  :

– BBNI

– BBTN

– WTON

– PGAS

– HMSP

– AALI

– PWON

– ICBP

– UNVR

(*)

 

 

The post The Insider Stories Morning Notes – JCI seen higher on forex reserves news appeared first on The Insider Stories.

Source: The Insiderstories
The Insider Stories Morning Notes – JCI seen higher on forex reserves news

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