JCI Is Predicted To Weaken Slightly On Friday, This Is Stock Recommendation From Analysts

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) today, Friday, November 19, is predicted to continue weakening after yesterday being in the red zone, aka down 39.33 points or 0.59% percent to 6,636.46.

Artha Sekuritas Indonesia analyst Dennies Christopher Jordan observed that the JCI yesterday was corrected in line with the weakening of global stock markets. On the other hand, the movement is still observing the potential for prolonged US inflation. Market players are also keeping an eye on Bank Indonesia's decision to set the benchmark interest rate at 3.50 percent.

For today's trading, Dennies estimates the JCI will continue to weaken with support levels at 6,615 to 6,594. Meanwhile, the resistance levels are at 6,663 to 6,690.

"Technically, the candlestick formed a lower high and a lower low with quite high volume, and the stochastic that formed a deadcross in the overbought area indicated a potential weakness," he explained in his research.

According to him, the movement will be minimal in sentiment from economic data towards the end of the week. On the other hand, investors are still watching developments related to inflation in the United States.

Similarly, the CEO of PT Indosurya Bersinar Sekuritas William Surya Wijaya projects that the JCI movement at the weekend will likely weaken. JCI will move in the range of 6,589 to 6,713.

"The lack of sentiment that can boost the JCI increase caused by the economic slowdown is one of the factors that influence the JCI movement pattern," he said.

In addition, the absence of heavy capital inflows into the Indonesian capital market has made the market move more consolidatively.

The stocks that will be watched over the weekend include PT Indofood CPB Sukses Makmur Tbk (ICBP), PT Alam Sutera Realty Tbk (ASRI), PT Tower Bersama Infrastructure Tbk (TBIG), PT Jasa Marga Tbk (JSMR), and PT Astra International Tbk (ASII).