JCI Thursday Will Continue Strengthening, These Shares Can Be OBSERVEd

JAKARTA - The movement of the Composite Stock Price Index (JCI) is expected to continue its strengthening today, Thursday, December 22. Analysts advise investors to pay close attention to BUMN Karya's shares.

The Phintraco Sekuritas Research Team said the JCI has the opportunity to continue its rebound to around 6,830-6,850 today. JCI resistance is expected to be at the level of 6,880, with support at 6,720.

"JCI has the opportunity to continue its rebound to around 6,830-6,850 on Thursday, December 22, especially if it is able to survive above 6,800," wrote the Phintraco Sekuritas Research Team.

Phintraco Sekuritas explained, technically formed a minor double bottom pattern that supports the potential for continued rebounds. Sentiment from within the country, according to Phintraco Sekuritas comes from a fiscal deficit for 2022 which is estimated to be at 2.49 percent of GDP, or back to below 3 percent.

This condition strengthens the belief that Indonesia is able to reduce the negative impact of the potential global recession that is feared to occur in 2023. According to Phintraco Sekuritas, the JCI driver on Thursday is likely to be dominated again by building construction issuers.

This is related to expectations of a significant increase in new contract acquisition in the fourth quarter of 2022, after ADHI reported the acquisition of a new contract of IDR 22.4 trillion, an increase of 63 percent on an annual basis in January-November 2022, or the equivalent of 97.39 percent of the new contract target for 2022.

"PTPP and WIKA have the opportunity to strengthen, while ADHI and WSKT are prone to pullbacks before being able to return to trying minor bullish reversal," said Phintraco Sekuritas.

Other stocks that investors can pay attention to include AGRO, ASII, UNVR, ADMR, BRPT, BBTN, and SSMS.