Profit Taking Continues, JCI Likely to Close Low

TEMPO.CO, Jakarta – Anticipating the long Eid holiday, investors were driven to realize their profits in the Indonesia Stock Exchange (IDX). In today's first trading session, the Jakarta Composite Index (JCI) closed 18.5 points (0.36 percent) lower at 5,080.17. Only three billion shares were traded, with a value of just Rp2.8 trillion.

Ivan Kurniawan, an analyst from First Asia Capital, said that a prolonged profit taking hit the stock market. "Profit taking occurs in a number of sectors that propped the index's during the presidential election such as infrastructure, construction, cement, banking, and property."

Positive sentiments from the financial statements released by several listed companies, which met investors' expectations, were unable to lift the index today.

"The atmosphere ahead of a long holiday caused traders to play things safe," said Ivan.

For the rest of the day, the JCI is expected to move in between 5,030 and 5,100. After the 5,030 support level was passed, the JCI is now likely to be enter a reversal trend. 

PDAT | M. AZHAR