Sumitomo Corp Shares Drop, Here's The Fate In The Future
JAKARTA - The Nikkei 225 index on the Tokyo Stock Exchange, Japan, fell 36.55 points, or about 0.09 percent, on Friday, June 21, 2024, to 38,596.47.
Based on Investing data, Sumitomo Corp's shares lost 11 points or the equivalent of 0.29 percent to the level of 3,836 Japanese Yen per share until closing, Friday, June 21.
Sumitomo Corp shares opened at the level of 3,850 Japanese Yen per share. Instead of strengthening, Sumitomo Corp's shares fell to the level of 3,836 Japanese Yen per share.
The market cap of Sumitomo Corp shares reached 4.72 trillion Japanese Yen with an average volume of 3.47 billion.
Mirae Asset Sekuritas Senior Investment Information analyst Nafan Aji Gusta said that as long as Sumitomo Corp's share price can still stay above the support area at 3,799 Japanese Yen, there is resistance as an upside target at the level of 3,942 Japanese Yen.
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Therefore Nafan suggested for Sumitomo Corp's shares for Buy on Weakness at the support and resistance level.
In addition, Nafan sees that investors want to enter foreign stocks such as Sumitomo Corp shares pay attention to their performance in terms of revenue and net profit.
"The most important thing is that the performance forecast for the top line and bottom line from Sumitomo Corp for 2025 and 2026 should show a positive trend," he explained to VOI, Friday, June 21.