JCI strives to break new level

JAKARTA: Jakarta Composite Index (JCI) is predicted to continue its gains; even it will potentially break a new record at 3,800.Nico Omer Jonckhere, an analyst at Valbury Asia Futures, said that the JCI depends on the US market and commodities prices. However, Nico forecasted that JCI can continue climbing and will move within the range of 3,730-3,800.Tomorrow [today] the index may continue strengthening. Even, it may break a new record at 3,800. In addition, foreign investment keeps coming in, he said.JCI will extend its previous gains. Higher commodity prices and weaker dollar drive the index up. At closing of yesterdays trading, the index rose 1.28% to close at 3,769.99 and BISNIS-27 Index also surged 1.69% to 335.60. JCI posted a new record yesterday.Commodities prices were up partly caused by less enthusiasm in US market, as the regulator of the worlds largest economy will make investigation on insider trading more intense. As a result, yield of Treasuries were also lifted. Market players then started to make careful transaction.In the meantime, retreats in stocks made commodities prices higher, particularly gold. The precious metal touched the highest level at US$1,415.30 per troy ounce.The price will potentially be revised and gold will record a new high, as speculation from China that will raise its bank interest rate in December. (t04/wiw)

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