NUSADAILY.COM – JAKARTA – Indonesia Stock Exchange Composite Price Index (IDX) on Tuesday, predicted to weaken overshadowed by the weakening of global stock exchanges.
JCI opened up 12.14 points, or 0.19 percent, to 6,267.45. The benchmark LQ45 index rose 2.87 points, or 0.3 percent, to 954.11.
“Overshadowed by the weakening of the majority of Wall Street and European indices, JCI is expected to correct to the pivot level range of 6,200 in today’s trading,” phintraco Securities Research Team wrote in a report quoted by Antara in Jakarta on Tuesday.
Technically, the formation of a post-test inverted hammer resistance of 6,300 in Monday (22/2) trading yesterday, became one of the technical correction signals on this day. In addition, the Moving Average Convergence Divergence (MACD) indicates a potential consolidation phase in the range of 6,150-6,300 in the short term.
Amidst the expected correction of JCI, bank and mining stocks can be observed by investors. Bank stocks such as BBRI, BBTN, BBKP and BMRI can be observed. In line with expectations of accelerated lending in the consumption sector following the loan to value (LTV) easing policy. For property loans up to 100 percent and down payments on motor vehicle loans up to zero percent.
While mining stocks such as ANTM, TINS, INCO, ADRO, PTBA obtained a positive catalyst from the positive trend of commodity prices, especially nickel, tin and coal.
Some regional economic data that need to be looked at is the February 2021 consumer confidence index in South Korea. House price index January 2021 in China, and inflation in January 2021 in Singapore.
Regional Asian stocks this morning include the Hang Seng index gaining 165.53 points, or 0.55 percent, to 30,485.36. The Shanghai index rose 8 points, or 0.22 percent, to 3,650.44, and the Straits Times index gained 16.83 points, or 0.58 percent, to 2,898.04. (ros)