JCI fluctuates at opening, rupiah weakens to 13,600

The Jakarta Composite Index (JCI) fluctuated on Friday morning. After opening 20.21 points lower at 4,442.02, the composite index changed course, rising 23.39 points (0.52 percent) to 4,485.61 an hour later.

JCI - Junior Chamber International

The rupiah, meanwhile, was under pressure and retreated back past the psychological level of 13,600 per US dollar. As of 9:30 a.m., the currency was at Rp 13,637, compared to Thursday’s closing value of 13,597.

At Friday’s opening, there were 51 stocks that went up, 103 stocks that declined and 47 stocks unchanged, Indonesia Stock Exchange (IDX) data showed. The transaction value reached Rp 414.43 billion, and 430.88 million shares were traded.

“The stock benchmark index is going to be in fluctuation and tending to weaken after moving between 4,401 and 4,607,” said an analyst at Sucorinvest Central Gani, Achmad Yaki Yamani, as quoted by kontan.co.id in Jakarta.

Technically, Achmad continued, the JCI could test the resistance level of 4,505 as yesterday’s rally was followed by a decline in trading volume. He also said a stable rupiah would comfort traders, avoiding panic or massive sales.

A researcher and analyst at PT Fortis Asia Futures, Sri Wahyudi, said that the foreign exchange market would take extra precaution of any signs of a US Fed rate increase in December, which would heavily affect the rupiah’s value.

“The market is awaiting a decision on whether the BI rate will be slashed and whether the Fed fund rate will be increased,” he said, predicting that the rupiah would potentially weaken over Friday’s trading after moving between Rp 13,400 and Rp 13,650 to the dollar.

Related Posts

No comments

You must be logged in to post a comment.

thời trang trẻ emWordpress Themes Total Freetư vấn xây nhàthời trang trẻ emshop giày nữdownload wordpress pluginsmẫu biệt thự đẹpepichouseáo sơ mi nữHouse Design Blog - Interior Design and Architecture Inspiration