A positive sentiment from tax amnesty (TA) and Organization of the Petroleum Exporting Countries (OPEC) decision of cutting oil production is expected to push Jakarta Composite Index (JCI) rise by end of this week. If JCI could exceed to level of 5.450 points, it will continue rising to 5.500 points.
Directorate General of Taxation reported taxpayer assets of IDR 2.618 trillion by 28 September 2016 which is consisting of global asset of IDR 724 trillion, local asset of IDR 1.779 trillion and repatriation of IDR 115 trillion or 11.5% from target of IDR 1.000 trillion. The tax fine reached IDR 71.3 trillion.
Meanwhile, OPEC has agreed to cut the oil production to 32.5-33 million barrels per day so WTI Crude Oil contract rose by 5.06% to US$ 47,05 per barrel and Brent Crude rose by 5.59% to US$ 48,69 per barrel; which is good for oil and gas sector companies like Medco Energi International Tbk (MEDC), Ratu Prabu Energi Tbk (ARTI), Radiant Utama Interinsco Tbk (RUIS), and Perusahaan Gas Negara Tbk (PGAS).
Both factors are expected to push optimism for market players to buy stocks in Indonesia Stock Exchange. Indopremier Securities predicts JCI will move in range support of 5.390-5.460 points. (*)
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