The JCI On Wednesday Is Haunted By Profit Taking Action, Five Shares Can Be An Option

JAKARTA - The Composite Stock Price Index will be hit by profit-taking in today's trading, Wednesday, January 22. Phintraco Sekuritas in its research predicts that it will move in the resistance range of 7,230, pivot 7,200, and support 7,150.

Phintraco Sekuritas said the JCI had a resistance test and a psychological level of 7,200 on Tuesday. However, the JCI failed to maintain its position and closed it at the level of 7181,82 or only up 0.15 percent.

According to Phintraco Sekuritas, the shooting star pattern that was formed indicated that the JCI's condition today is prone to profit taking.

"Be aware of the support for the new JCI area today at 7,130-7,150," wrote Phintraco Sekuritas.

Donald Trump's first day policy so far has had a positive impact on the JCI. The rupiah exchange rate rose 0.15 percent to Rp16,330 per US dollar on Tuesday, January 21 afternoon.

This, continued Phintraco Sekuritas, is related to the weakening of energy commodity prices which are considered to widen the space for cutting the Fed's benchmark interest rate. Thus, the market seems to appreciate the decision of RDG BI to cut the benchmark interest rate by 25 bps in January 2025.

Domestically, Phintraco Sekuritas said the focus of the market will begin to focus on the release of the 2024 financial performance which is expected to start this week. BBCA is scheduled for release today, followed by BBNI and BRIS on Thursday, January 23 and BBRI next week January 30.

Phintraco Sekuritas assessed that generally the performance of bank stocks is one of the indicators used by market participants to assess Indonesia's macroeconomic condition.

The stocks recommended by Phintraco Sekuritas today are ICBP, PTBA, TLKM, JSMR and INDY.