Indonesia stock benchmark gained in 2 consecutive trading days after it was shadowed by profit taking, spurring correction. Despite oil and commodity prices volatility, investor may tap consumer and palm oil-based stocks. Investor could watch GZCO and PTBA. Here are recommendations for today as published by Bisnis.com:
Jakarta Composite Index (JCI) may move at the range of 3,529-3,630 today. Stocks to watch: PTBA, KRAS, and GZCO. Technically, the JCI may continue further correction, while it has been at overbought area in the last 4 trading days. JCI yesterday gained 0.52% or 18 points to 3,580.31. Mining stocks became main motor to move the JCI, off-setting loss in banking stocks. Foreign investors recorded IDR71 billion net buy.
The JCI today is estimated to move at the range of 3,540-3,590. Despite oil and commidity prices volatility, consumer, cement, and CPO-based stocks are recommended. Onwards, the JCI is still shadowed by inflation, while oil price tends to hike, spurring staple food prices. The JCI may advance, underpinned by commodity price hike and sentiment positive from regional stock markets.
The JCI technically may move in mixed position with uptrend possibility at the range of 3,561-3,594. Drop in metals and CPO prices along with oil price above US$100 per barrel could spur negative sentiments to the index. Stocks to watch: ADRO, PTBA, SMCB, and MYOR.
Disclosure: No position at the stock mentioned above.
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