Indonesian stocks will face further correction today amid concern that negative sentiment at the global stock markets lingers. Yet, a rebound opportunity is still possible. For today's trading, read the following recommendations as reported by Bisnis.com today.
Jakarta Composite Index (JCI) is estimated to move around 3,670–3,751. The second and third liners have rooms to be leading movers, and blue chip stocks like ASII and TLKM, which have started reversing loss need stronger moves to realize concrete rebound.
Yesterday, JCI was down 0.06% to 3,689, with second and third liners leading the index. Foreign net sell reached IDR203 billion, of which most took place on banking stocks. The index formed spinning top, which still needs to be confirmed today.
After forming doji candle, JCI saves a room for a rebound amid profit taking due to falling trend in stochastic indicator. Today Indonesian stocks will move between 3,675-3,717, with recommended shares like BMRI, HEXA and INDF.
Yesterday, banking stocks became the leading movers of the index, which was in green area in the first trading session. As negative sentiment influenced the market, the index was closed down with slight correction.
Disclosure: No position at the stock mentioned above.
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