Jakarta, CNBC Indonesia – The Composite Stock Price Index (JCI) still has the energy to continue the upward trend in trading on the last day of September.
There were a number of catalysts that pushed the JCI up, including the massive net purchases by foreign investors and the strengthening of the Wall Street stock market in the United States, especially led by shares in the technology sector.
This sentiment made the JCI strengthened by 0.81% to 6,162.55 points on Wednesday. Trade data showed yesterday’s transaction value reached Rp 13.92 trillion with a net purchase of Rp 1.68 trillion by foreign market players.
NH Korindo Sekuritas Indonesia said that Wall Street managed to rebound after previously being corrected. US-Treasury yields, which have rallied in the past week, are starting to stabilize at around 1.5%.
Meanwhile, the US Senate is scheduled to vote on raising the debt ceiling, to avoid the threat of a government shutdown.
From the domestic market, the JCI managed to strengthen significantly, supported by foreign net buys which reached Rp 1.69 trillion. The industrial sector led the gains with an increase of 4.19%; supported by big cap stocks such as ASII and UNTR.
“For today, JCI is expected to be able to maintain a higher range of movement at the level of 6,100 – 6,250,” wrote NH Korindo, in a daily research publication, Thursday (30/9/2021).
Meanwhile, Director of Indosurya Bersinar Sekuritas, William Surya Wijaya, said that the development of the JCI movement still looks comfortable in a normal consolidation phase due to the lack of sentiment that can boost the JCI’s rise.
Until the end of the third quarter, Indonesia’s economic conditions still showed a slow turnaround of the economy, so that the potential for a downturn seemed greater than the opportunity for an increase.
“JCI today has the potential to move lower in the range of 5,969 – 6,202,” he said.
(hps / hps)
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