The JCI is predicted to continue to be under pressure after falling due to yesterday’s panic selling. Apart from the lack of positive sentiment, investors will still weigh the impact of the Jakarta PSBB on the economy and performance of listed companies.
The JCI movement today will be dominated by the decision of the DKI Jakarta Regional Government to re-implement the PSBB as a whole. With restrictions on various activities in the capital which will take effect from next week, economic activity is expected to be sluggish and has the potential to put pressure on the JCI.
The fall in global markets and the continuing decline in world oil prices caused the JCI to receive a lot of negative sentiment. Today’s movement is expected to be struggling to continue yesterday’s rally.
Domestically, today’s JCI is expected to be consolidated with limited opportunities to strengthen. Investors will pay close attention to the release of the Consumer Confidence Index (CCI) figures in the hope that they will continue the upward trend.
The movement of the JCI this week is expected to be under pressure after a long rally. The continued ouflow of foreign funds and the increasing number of Covid-19 cases will be the pressuring sentiment. On the other hand, data releases on Foreign Exchange Reserves and Consumer Confidence Index (IKK) are expected to provide a better picture of economic conditions.
The JCI movement for this week still lacks of new positive catalysts. Market participants will monitor the persistently high new Covid-19 cases and the proposition regarding the formation of monetary council for Bank Indonesia, which raised concerns about the central bank’s independency.
The pressure from global exchanges has the potential to make the JCI to continue its decline today. In addition, investors will continue to watch for the increase in Covid-19 cases, which is still setting new records.
Today’s JCI movement will continue its consolidation with a slight tendency to weaken after yesterday’s stagnant closing. Investors will observe the weakening of the rupiah exchange rate that will occur in early September.
The JCI received positive impact from the PMI data for Indonesian manufacturers, which returned to the expansion area at level 50.8. After experiencing quite high fluctuations in the last 2 days, JCI today tends to consolidate with a more limited movement.
