JCI was able to post a slight gain of 0.16% to 6,626; supported by the financial sector with an increase of 0.45%. Market participants will pay close attention to the impact of the planned interest rate hike in the US as well as the results of the BI RDG which will be announced today. Technically, the benchmark index is expected to remain mixed in the range of 6,600-6,700.
The market movement at the beginning of the week was influenced by a number of releases of domestic economic data.
JCI was still able to slightly strengthen by 0.15%; with the Transportation sector recording an increase of 3.14%. Investors will still be waiting for the results of this week’s central bank meeting, while expecting the window dressing effect to return to being a positive catalyst. Technically, JCI has the opportunity to experience a decline with a projected range of movement at 6,600-6,700.
The benchmark series of Government Securities (SUN) FR0087 and FR0088 closed at the same level of 6.29% last weekend.
JCI’s movement this week may potentially be influenced by some domestic economic data releases
JCI was able to record a 1.75% gain; supported by increases in 10 of the 11 sectoral indexes. This week, market attention will be on the last Bank Indonesia Board of Governors Meeting (RDG) in 2021; and the FOMC meeting to be convened by The Federal Reserve. Technically, JCI still has the potential to move even higher in the range of 6,600-6,750.
A number of market participants took selective buying, amid rising 10-year US Treasury yields, which broke the 1.5% level. The movement of the Government Bond (SUN) market yesterday was also supported by positive sentiment the Consumer Confidence Index (IKK) for the November 2021 period rose to a level of 118.5. This indicates strong consumer confidence in the domestic economy.
From the domestic market, JCI rose by 0.61% while maintaining its rally for 4 consecutive days. Furthermore, 10 of the 11 sectoral indexes closed higher, led by the cyclical consumer sector with a daily increase of 1.96%. Towards the end of the week, the benchmark index will try to maintain the positive trend with a projected range of movement at 6,600 – 6,750.
From the domestic market, the JCI movement closed sideways in the midst of foreign net buys worth IDR2.5 trillion in all markets. Bank Indonesia noted that the Consumer Confidence Index for November 2021 period rose to 118.5. Technically, the movement of the benchmark index still has a limited chance of strengthening with a projected range of movement at 6,550-6,650.
