JCI At The End Of The Week Potentially Continue Strengthening, This Is The Motivater Factor

JAKARTA - The movement of the Composite Stock Price Index (JCI) has the potential to continue strengthening in Friday, November 25 trading, after yesterday's increase of 0.37 percent or 26.39 points to 7,080.51

Head of Research for Main Services Capital Sekuritas, Cheryl Tanuwijaya, said the JCI movement on Friday had the potential to continue strengthening. The strengthening of the JCI was supported by market optimism from within the country after the speech of Finance Minister Sri Mulyani who said that even though the state budget until October 2022 was 0.91% deficit from GDP, it was still safe because it was far from the 4.5 percent threshold.

"Meanwhile, the cumulative real GDP has reached 6.6 percent higher than the pre-pandemic period," Cheryl said in his research.

Positive sentiment also came from strengthening the rupiah exchange rate. The US dollar weakened after a compact Fed official proposed a lower rate hike in the future.

Cherly predicts the JCI will potentially move in the range of 7,000-7,120 tomorrow.

Meanwhile, in trading tomorrow, investors can look at stocks such as BRPT with a target price of IDR 860 per share, BSDE with a target price of IDR 1,010 per share, and ESSA with a target price of IDR 1,150 per share.

Artha Sekuritas analyst Dennis Christopher Jordan estimates that the JCI will have the potential to strengthen tomorrow. From within the country, the JCI is supported by the dividend distribution plan of several issuers.

Technically, the candlestick forms a higher high and a higher low with a fairly high volume indicating the potential for strengthening in the short term.

Dennis predicts JCI will strengthen in trading Friday. The first support is at 7,064 and the second support is at the level of 7,049. While the second resistance is at the level of 7,119 and the first resistance is at the level of 7,099.