The JCI On Wednesday Has The Opportunity to Continue Strengthening, Check Stock Recommendations from Analysts

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) has the opportunity to continue strengthening today, Wednesday, September 7, amid the swift buying action of foreign investors and the release of foreign exchange reserve data.

Yesterday, JCI closed slightly higher in the green zone by 0.02 percent. JCI was able to perch at 7.233.15 or up 1.27 points.

Throughout trading, the JCI moved in the green zone in the range of 7.230.79-7.287.7. At the close of trading, it was recorded that 273 stocks rose, 272 stocks weakened, and 161 stocks remained stagnant or did not record any changes.

Market capitalization is above IDR 9.471.4 trillion. Foreign investors recorded a net buy of IDR 550.71 billion. Throughout 2022, foreign investors' net buys amounted to IDR 69.79 trillion.

CEO of Yugen Bertumbuh Sekuritas, William Surya Wijaya, said that the JCI movement pattern so far still shows that they are comfortable in a reasonable consolidation range. Short-term upside opportunities are seen to be quite limited.

"Ahead of the release of economic data on foreign exchange reserves, it is suspected that it will still reflect the condition of economic stability, which can also support the JCI movement pattern for some time to come," he said in his research.

According to him, the JCI has the opportunity to strengthen today in the range of 7.123-7.278. The recommended stock options are ITMG, AKRA, AALI, GGRM, ASII, JSMR, BSDE, and ASRI.