Home » Business » ‘Good luck’ Omnibus Law, Get Ready IHSG Will Reach 5,000!

‘Good luck’ Omnibus Law, Get Ready IHSG Will Reach 5,000!

Jakarta, CNBC IndonesiaThe domestic stock market still has room to continue the strengthening trend in today’s trading, Tuesday (6/10/2020).

Some of the catalysts that prompted it were investor response to the ratification of the Omnibus Law and the strengthening of the global stock exchange.

Earlier this week, the Jakarta Composite Index (JCI) closed in the green zone with a gain of 0.65 percent to 4,958.76. Trade data recorded that the transaction value reached Rp 5.77 trillion with a volume of 8.5 billion units of shares. Foreign investors started to make a net buy of Rp 35.23 billion.


Referring to research published by PT Mega Capital Sekuritas, the Parliament’s ratification of the Omnibus Law received a positive response from investors.

With the Omnibus Law Cipta Kerja, it is hoped that it can increase investment which in turn will open up new jobs.

Meanwhile, the improving health condition of US President Donald Trump made Wall Street closed in the green zone; even last night Trump had returned to the White House after being treated at the Walter Reed National Military Medical Center. In addition, the Speaker of the US House of Representatives Nancy Pelosi and Treasury Secretary (Menkeu US) Steven Mnuchin continued to carry out dialogues to reach an agreement on an economic stimulus package.

Not only that, the onset of recovery in non-manufacturing economic activity and retail sales has become a positive catalyst for European stock markets. The Markit Service PMI Final in September was recorded at the level of 48.0, higher than the market estimate of 47.6.

“JCI is expected to move higher, limited to the range of 4,900 – 5,000,” wrote Mega Sekuritas, Tuesday (6/10/2020).

Meanwhile, technically, MNC Sekuritas assessed that, resistance (upper limit) closest to the current IHSG is in the area of ​​4,991, so if the movement of the IHSG is able to break the resistance then the IHSG has the opportunity to test the area 5,000-5,100 first.

On the contrary, if it turns out that the JCI was corrected aggressively below 4,820 or even 4,753, then the JCI would be confirmed to form wave [v] towards 4,500-4,650.

MNC Sekuritas estimates that JCI will run in a range support (lower limit) 4,840, – 4,753 and resistance (upper limit) 4,991 – 5,187.

[Gambas:Video CNBC]

(bag bag)


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