ILLUSTRATION. The IHSG closed in the green zone for five consecutive trading days.
Reporter: Nur Qolbi | Editor: Wahyu T. Rahmawati
KONTAN.CO.ID – JAKARTA. Composite Stock Price Index (IHSG) closed in the green zone for five consecutive trading days. During this week’s trading, JCI rose 2.58% to 5,053.66 from 4,926.73 at the end of last week.
Phintraco Sekuritas analyst Valdy Kurniawan said the sentiment that drove the JCI came from the positive response from market players towards the ratification of the Omnibus Law on Cipta Kerja. According to him, the stocks that became the main drivers of the JCI were the property, real estate and building construction sectors, as well as cement and concrete producers.
Although the JCI strengthened, foreign funds from the Indonesian stock market continued to exit. Throughout this week, foreign investors recorded a net selling price (net sell) IDR 8.09 trillion in all markets. Net sell This includes the divestment of shares of PT Vale Indonesia Tbk (INCO) which reached Rp. 5.52 trillion.
“Market participants are still inclined wait and see regarding the release of issuers’ third-quarter financial performance and macro data for the third quarter, especially data on Indonesia’s economic growth, “Valdy told Kontan.co.id, Friday (9/10).
For next week, Valdy predicts the JCI has the potential to weaken due to profit taking. The results of the Board of Governors Meeting (RDG) of Bank Indonesia (BI) which is scheduled for release in the middle of next week, Tuesday (13/10) will also be a sentiment for the JCI movement. Valdy estimates, JCI will weaken support at the level of 4,974 and resistance 5.080 on Monday (12/10).
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Reporter: Nur Qolbi
Editor: Wahyu T. Rahmawati