JCI continued to be under pressure with a 0.38% decline yesterday to 6,529. As many as 8 of the 11 sectoral indices declined, amidst the lack of new driving catalysts. Technically, the benchmark index has a chance to test the psychological support level with a projected range of movement at 6,500-6,620.
JCI was able to record a slight increase of 0.11% to 6,554; where the Industrial sector led with an increase of 1.16%. The lack of new positive sentiment means investors still tend to wait and see entering the Christmas period, which is generally synonymous with the Santa Klaus Rally. Technically, JCI has the opportunity to continue strengthening in the range of 6,500-6,620.
All benchmark series of Government Securities (SUN) closed higher, with yields falling between 0.3 bps to 2.1 bps.
JCI also started the week with a 0.83% correction to 6,547. Concerns about the Omicron variant, which has the potential to hamper economic recovery, put pressure on sectors such as Industrial (-1.52%) and Consumer Cyclical (-1.48%). For today, the benchmark index will try to stay above the psychological 6500 level.
The benchmark series of Government Bonds (SUN) recorded a decline in yield over the weekend, amid negative sentiment, after the Government announced the discovery of the first Omicron variant of the Covid-19 case in Indonesia.
JCI’s movement this week is predicted to still lack positive sentiment, with no schedule of economic data releases for the end of 2021
JCI had managed to close slightly higher by 0.11% last Friday. Investors still expect Window Dressing action to support stock market movements, amid the lack of new positive sentiment towards the end of 2021. Technically, the benchmark index still has the potential for limited gains at the beginning of the week with a projected range of movement from 6,550-6,661.
JCI closed lower by 0.47%; in the midst of foreign net sells worth IDR 735 billion. Market participants received negative sentiment; after the Government announced the discovery of the first Omicron variant of Covid-19 case in Indonesia. Towards the end of the week, the benchmark index is expected to move in a lower consolidation range in the area of 6550-6650.
Market participants are still overshadowed by fears of the rapid spread of the Covid-19 virus, the Omicron variant, after the UK recorded its first death from the variant.
