Indonesia stock benchmark today may face correction after last week ended at 1.95% higher level to 3,501.50, underpinned by miscellaneous industry. Here is stock recommendations provided by two brokerages as quoted by Bisnis Indonesia daily:
MA5 is seen at the cross level with MA20. In contrast, in term of transaction volume, MA20 may cut MA5 with upward trend, reflecting a possible correction may engulf Jakarta Composite Index (JCI) today. Support and resistance levels are at the range of 3,429-3,550 with stocks to watch: GGRM, ASII, and BMRI.
The JCI last week ended at 1.95% higher level to 3,501.50. The index had climbed since early trading, supported by miscellaneous industry and consumer goods with contributions of 3,39% and 3.34% respectively. Transaction value on last Friday reached Rp6.3 trillion. Net buy position of foreign investors was more than Rp550 billion. The JCI today is estimated to move at the range of 3,455-3,554. Recommended stocks are SMCB, AALI, and BMRI.
Disclosure: No position at the stock mentioned above.
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