JCI Is Projected To Weaken Again On Wednesday Awaiting BI's Interest Rate Policy

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is projected to weaken again in today's trading, Wednesday, January 19 after yesterday closing trading in the red zone with a correction of 0.47 percent or 30.99 points so that it parked at the level of 6,614.06.

Artha Sekuritas analyst Dennies Christopher Jordan said that the JCI closed down significantly in yesterday's trading, although it had strengthened at the end of the trading session.

"The movement of the JCI lacks sentiment from within the country. Meanwhile, investors tend to wait and see in anticipation of Indonesia's interest rate policy," he said in his research.

As for today's trading, Dennies predicts the JCI will continue to weaken again. He explained technically the JCI candlestick is lower high and lower low with increasing volume and widening stochastic after forming a dead cross indicating potential weakness.

"The movement is expected to be limited because investors will anticipate Bank Indonesia's interest rate policy," he explained.

Artha Sekuritas estimates JCI will move with support at 6,609 and 6,574 and resistance at 6,695 and 6,746. The stocks he recommends include PT Pakuwon Jati Tbk (PWON), PT Wijaya Karya Gedung Tbk (WEGE), and PT Media Nusantara Citra Tbk (MNCN).