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Jakarta, CNBC Indonesia – Stock trading earlier this week was marked by the implementation of Large Scale Social Restrictions (PSBB) by the Governor of the DKI Jakarta Provincial Government, Anies Basedan. The national stock market had a positive performance last week, Friday (1/8/21), where the Jakarta Composite Index (IHSG) closed in green 1.69% at the level of 6,257.83.
Trade data indicated that foreign investors made net purchases of Rs 1.36 trillion in the normal market with a transaction value of Rs 22.32 trillion.
For today’s trade, Monday (11/1/2021), Pilarmas Investindo Sekuritas revealed that Thomas Helbing, head of the IMF for Indonesia, assessed that Indonesia had responded to the economic and social pressures caused by the pandemic with a comprehensive policy package and coordinated.
It also revealed that it is considered that timely political interventions can maintain macro and external stability derived from global pressures.
The IMF assesses that Indonesia’s economic projection is in a positive zone, where the economy begins to experience a rebound in the second half of 2020. Thus, the IMF estimates that the Indonesian economy will grow by 4.8% in 2021 and 6% in 2022.
However, Artha Sekuritas said that although sentiment has improved, caution is needed as there are concerns that investors will impose new stricter restrictions on Java and Bali that are expected to reduce economic activity. This restriction will take place starting today for the next two weeks.
Jakarta Governor Anies Baswedan explained the conditions of Covid-19 transmission in Jakarta last weekend. On that occasion, Anies also broadcast matters related to the Jakarta PSBB which will come into effect from January 11 to 25.
Anies said that he had issued a Governor’s Decree (Kepgub) Number 19 of 2021 on the implementation of the latest PSBB. He emphasized that if the number of cases remains high, it is not impossible for this limitation to be extended again.
“In the period from January 11 to 25, and this can be extended,” Anies said in his video conference on Saturday (9/1/2021).
Reliance Sekuritas Indonesia said all eyes are on the US data this week after Friday’s jobs report showed a drop in wages for the first time since April, highlighting how coronavirus infections are rising it’s having a bigger impact on this part of the world’s largest economy.
Technically. The securities firm said that JCI had exited wave 5 previously, so it extended wave 3 with wave 4 forming at the 5850 level and is currently testing wave 5 with the first ideal target at 161.8%. Fibonacci retracement at around 6,400.
So JCI still has the potential to test the 6400 target even though the MACD stochastic overbought signal appears to cross the positive movement of the histogram. JCI has the potential to continue to strengthen at the beginning of the week with support and resistance at 6,200-6,320.
[Gambas:Video CNBC]
(hps / hps)
