Still stuck in the rut, Jakarta Composite Index (JCI) remains caged within its familiar range between 4060 and 4150. The policy conundrums in the U.S. and Europe have shifted the markets’ attention towards China.
China’s PM Wen Jiabao’s recent comment suggests that the next easing may come from China. Slowing growth coupled with timid inflation are seen as providing room for the PBOC to either slash interest rate or reserve requirement ratio.
While Wen’s comment provides some boost for stocks, for local stocks the impact may be limited considering the market will be off for public holiday for a few days.
Our portfolio remains stuck with no significant progress. On Wednesday the portfolio lost 0.62% from its position on Tuesday. The best performing stock remains BMTR which is still struggling to break its stiff resistance at around 1800. BHIT saw occasional forays above 400 but repeatedly pushed back below the 400-mark.
No change on the portfolio for now, all remain on hold until the holiday ends. The market will resume trades on next Thursday.
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