JCI Slumps on Foreign Net Sales
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Selasa, 17 Maret 2015 13:20 WIB
TEMPO.CO, Jakarta – The government's rupiah-rescue policy package announced last night is seen by investors as a temporary sentiment. Satrio Utomo, analyst at PT Universal Broker Indonesia, said the package was a not a surprise to the market, since the government didn’t exactly provide new details.
"For the long term, it is a good policy, but for the short term, it's all the same," he said.
The Jakarta Composite Index (JCI) this morning started to fluctuate despite opening in a positive zone. After touching the resistance level 5,462 bps during the opening bell, the index immediately went flat and consolidated in a narrow range.
Satrio said the JCI flattens on high selling pressure by foreign investors, who remain pessimistic over the rupiah correction and the government's stamp duty policy. For the last week, foreign investors in the regular market have been posting net sales with an average value of Rp 400 billion. As of 10:30 pm this morning, foreign net sales have even amounted to Rp162 billion.
Today, the JCI is expected to move between 5,410 and 5,460 bps, with a chance of breaking the resistance level briefly to 5,500-5,650.
"But, with this kind of market, we cannot say whether the index's consolidation period will last or not," he said.
M. AZHAR