JCI Tuesday Is Potentially Weakening Due To Rupiah Drop And High Inflation

JAKARTA - Artha Sekuritas analyst Dennies Christopher Jordan said the movement of the Composite Stock Price Index (JCI) today, Tuesday, October 4, was still overshadowed by concerns about the weakening rupiah exchange rate and the high inflation rate as of September.

"On the other hand, the emergency meeting of the Central Bank of the United States, the Fed also contributed to global investor concerns," said Dennies in his research.

Technically, he said, the candlestick formed a long black body with the stochastic moving in the oversold area. This indicates potential weakness, but with a limited range.

Dennis predicts JCI will weaken in today's trading. The first support level is at 6,987 and the second support is at 6,965. While the second resistance is at the level of 7,069 and the first resistance is at the level of 7,039.

For information, the JCI closed down 0.44 percent to 7,009,718 on Monday, October 3 trading. Foreign investors recorded a net buy of IDR 28.73 billion in the regular market.

The total volume of stock exchange transactions reached 20.37 billion shares with a transaction value of IDR 10.77 trillion. A total of 281 stocks fell in price. There were 252 stocks that rose and 171 stocks were flat.

JCI accumulated a decline of 1.65 percent in a week. Meanwhile, in the last month, the JCI weakened 3.07 percent.