JCI continued to rise supported by the Moderna and Pfizer vaccines which is said to soon receive an emergency distribution permit in Europe. Furthermore, JCI may test the next resistance level at 5,870 with the support level at 5,735.
Yesterday’s Government Bond (SUN) auction results recorded the largest incoming bids in 10-year to 20-year tenors (FR0087, FR0080, and FR0083) reaching 68.4% of the total incoming bids of IDR 94 , 3 trillion
JCI managed to rebound at the beginning of the year after contracting at the end of November. After 2 days of highly volatile movement, JCI is predicted to move in the range of 5,675-5,770.
The two series respectively recorded yields near the psychological level of 5% and 6%, after the announcement of the domestic corona virus case which recorded a record increase.
The JCI was hit by profit taking in November, marked by foreigners making net sales of IDR3.2 trillion. Today, investors will be watching the release of economic data such as the inflation rate and manufacturing PMI. The JCI movement will try to survive above the next support level at 5,577.
The benchmark series Government Bond (SUN) prices closed slightly higher on Friday (27/11) amid the lack of positive sentiment.
JCI closed in the green last week amid the lack of domestic positive catalyst. Meanwhile, vaccine development and announcement of Joe Biden’s government cabinet still had the attention of investors.
JCI was able to strengthen by 3.8% over the past week, supported by foreign net buy of IDR413 billion. This rally was also marked by a significant increase in trading volume. Entering the beginning of December, the JCI movement is expected to be in the range of 5,670 – 5,815.
Yield benchmarks FR0081 and FR0082 which headed for the psychological level of 5% and 6%, in yesterday’s trading.
