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Still Vulnerable to pressure the JCI Moves At 5.065-5.175

Jakarta (Benchmark News) – PT Reliance Securities predicts the composite stock price index (IHSG) in trading Friday (25/11/1999) are still experiencing pressure.

Reliance Securities analyst Lanjar Nafi says consolidated movement back looks at JCI technical basis. After a successful break resistance yesterday JCI returned depressed until the re-test support MA200 and support a long-term uptrend. Stochastic indicator dead-overbought position with a cross in a negative signal.

“So the estimated JCI will still experience pressure to test the MA200 support with range 5.065 – 5.175 movement,” he said in the research.

Yesterday, the rupiah weakened exchange rate 0.50% against the U.S. dollar as well as the concerns of investors towards the acceleration of the rise in interest rates in the U.S. negatively affect emerging markets with success making the JCI back rushes-104.37 points of 2% at level 5,107.62 with the volume high enough. All sectors are experiencing weakening led by various industry sectors while weakening the agricultural sector strengthened 1.12% as an indication of investors ‘ domestic swing action on issuers of agriculture.

Meanwhile, world oil prices climbed 0.2% after the oil stock data in the U.S. aren’t growing and Iraq’s agreement to cut oil production was not able to stem the foreign investor selling action this day back recorded net sell amounting to Rp406,08 billion…(Red)

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