MARKET AND STOCK TRADING - JAKARTA. The Jakarta Composite Index (JCI) for the past week managed to strengthen for three days. At the close of trading on the weekend, Friday (9/21), the JCI closed with an increase of 0.45% to 5,957. In the past week, foreign investors recorded a net buy of Rp 1.01 trillion.
Anugerah Sekuritas Indonesia analyst Bertoni Rio said that during this week the JCI rose 0.58%. According to him, the strengthening of the rupiah against the US dollar pushed the index to rise in a week. Based on Bloomberg data, the rupiah closed at Rp. 14,817 on Friday (21/9).
The index also received support from miscellaneous industries and mining sectors. In addition, several companies have conducted initial public offerings (IPOs) on the IDX.
Panin Sekuritas analyst William Hartanto said the two things that supported the stock market this week were window dressing periods and rupiah appreciation.
Besides that, the trade war between the US and China is no longer a threat to market participants.
For next week, William predicts the index will move at the range 5,870- 6,000. FOMC and BI meetings which will set interest rate policies must get the attention of market participants. This policy will be a determinant of market movements next week.
While Bertoni Rio predicts, for the next week the JCI will move in the range of 5,880-6,067. The Fed meeting will affect the JCI movement. For domestic factors, political issues related to the serial number of presidential candidates and vice presidential candidates are predicted to affect the index. (Translator: Barratut Taqiyyah Rafie)
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