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ILLUSTRATION. The movement of the Composite Stock Price Index (IHSG) with its platform on the Indonesian Stock Exchange, Jakarta, on Friday (9/25/2020).
Reporter: Kenya Intan | Editor: I knew laoli
KONTAN.CO.ID – JAKARTA. It appears that the Jakarta Composite Index (JCI) will continue its downward trend in trading tomorrow Tuesday (9/29).
In today’s trading, Monday (9/28), IHS closed down 0.79% or 39.24 points at a level of 4.906.55.
Citing data from RTI Business, in today’s first trading session, JCI had strengthened to the level of 4,991.76. The lowest level for JCI today is 4,905,511.
Data from the Indonesian Stock Exchange (IDX) also pointed out that most sectors on the stock exchange saw a decline today. The deepest correction was experienced by various industrial sectors to 1.97%. There was also the financial sector and the agricultural sector which fell 1.58% and 1.15% respectively.
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Capital Sekuritas’ chief services analyst Chris Apriliony believes that today’s JCI move was exacerbated by the weakening trend of the rupee.
Citing Kontan.co.id notes, the rupee spot exchange rate weakened 0.18% from last Friday’s close to 14,873 rupees to the US dollar. Today, the rupee is registered at 14,900 IDR per US dollar.
Meanwhile, the benchmark rate for Bank Indonesia’s Jisdor is today IDR 14,959 per US dollar. This figure is down 0.05% compared to last weekend’s position of 14,951 rupees per US dollar.
As for tomorrow’s trade, it is expected that Tuesday (9/29) will weaken. JCI will move in the range of 4,814 to 4,920 levels. Aside from the weakening rupee, another compelling sentiment is the high spread of Covid-19.
“And ahead of the financial statements that will be launching for the third quarter, “Chris explained to Kontan.co.id on Monday (9/28)
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Not dissimilar, Phitraco Sekuritas analyst Valdy Kurniawan also predicted that JCI would move lower to the 4,850-4,880 range to trade tomorrow Tuesday (9/29). Meanwhile, the resistance level is at 4,975.
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