JCI Still Overshadowed By Profit Taking, This Is Wednesday's Stock Recommendation
JAKARTA - The Jakarta Composite Index (JCI) parked in the red zone at the end of trading on Tuesday. JCI weakened 0.72 percent or cut 53.45 points to the level of 7,344.73 at the end of trading on the Indonesia Stock Exchange (IDX).
The total volume of stock trading on the IDX on Tuesday, July 22, reached 30.52 billion with a transaction value of IDR 19.54 trillion. There were 390 shares that fell, while 220 other stocks rose and 200 stocks were stagnant.
MNC Sekuritas in his research said that the JCI movement yesterday closed corrected and burdened by the IDX Basic Materials index. The JCI movement is in line with the movement of the majority of global and Asian exchanges.
On the other hand, it is estimated that profit taking will occur, which is quite reasonable considering that the JCI has been rallying up for 11 days. JCI is also estimated to be still prone to moving corrected to support areas 7,311 and resistance 7,401.
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"We estimate that the JCI will still be overshadowed by profit-taking," explained MNC Sekuritas.
The stocks that need to be observed include PT Sumber Alfaria Trijaya Tbk (AMRT) with a target price of IDR 2,290 - IDR 2,430 per share, PT Pertamina Geothermal Energy Tbk (PGEO) IDR 1,740 - IDR 1,850 per share, and ADRO IDR 2,080 - IDR 2,160 per share.