JCI Is Expected To Move In The Range Of Consolidation Today, See Stock Recommendations From Analysts

JAKARTA - The movement of the Composite Stock Price Index (JCI) is estimated to remain in the range of consolidation in today's trading, Wednesday, March 9 after parking at the position of 6,814.18 or down 0.8 percent.

Yesterday, the JCI had recorded its highest position at the level of 6,929.86. Noted, 196 stocks rose, 365 stocks weakened and 121 stocks moved in place.

Foreign investors recorded a net foreign buy of IDR 528.15 billion. Foreign investors recorded buying shares of PT Astra International Tbk (ASII) amounting to IDR 537.4 billion, or the most yesterday.

Following behind are PT Telkom Indonesia (Persero) Tbk (TLKM) worth IDR 352.1 billion and PT Adaro Energy Indonesia Tbk (ADRO) amounting to IDR 195.8 billion.

CEO of Indosurya Bersinar Sekuritas William Surya Wijaya said that the JCI seems to be fluctuating and testing the nearest support level.

"The recorded capital inflow in ytd and after the release of economic data on foreign exchange reserves still shows that the fundamentals of the Indonesian economy are in a stable condition," William wrote in his research.

William said fluctuations in the rupiah exchange rate and commodity prices will also color the JCI movement for some time to come. Therefore, he estimates the JCI has the potential to be consolidated with a movement range of 6,811 - 6,996.

The stocks that can be watched for tomorrow's trading include PT Tower Bersama Infrastructure Tbk (TBIG), PT Semen Indonesia Tbk (SMGR), PT Ciputra Development Tbk (CTRA), PT Bank Central Asia Tbk (BBCA), and PT Indofood Sukses Makmur Tbk (INDF).