JCI Tuesday Is Expected To Weaken Amid Falling Global Stocks

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is estimated to still tend to weaken on Tuesday, September 27, amid the global stock market crash due to the Fed's plan to increase interest rates.

JCI closed at 7,127.50, down 0.71 percent on Monday. Throughout trading, the JCI moved in the range of 7,039.24 - 7,178.50.

CEO of Yugen Bersinar Sekuritas, William Surya Wijaya, said that the development of the JCI movement was still within the range of reasonable consolidation. Limited upside opportunities are still visible in the JCI movement today, while the pressure is still quite large and correction opportunities can be used to make accumulated purchases.

"Today the JCI has the potential to strengthen in the 7,002 - 7,273 range," he said in his research.

The recommended stocks of choice are HMSP, KLBF, UNVR, ASRI, GGRM, PWON, BBCA, BSDE, ICBP.

Meanwhile, Artha Sekuritas analyst Dennies Christopher Jordan in his research explained that the JCI closed lower yesterday in line with the weakening of global stock markets and the decline in commodity prices.

The JCI movement was also suppressed by the decline in the rupiah exchange rate which penetrated IDR 15,000 per US dollar and the lack of encouraging sentiment at the beginning of the week so that selling pressure was very strong. Dennis predicts the JCI will weaken in today's trading.

Technically, the candlestick formed a lower high and a lower low testing the support for the 50 MA.

Movement will be influenced by fluctuations in the rupiah exchange rate. Meanwhile, global investors will pay close attention to the speech from the chairman of the Fed regarding the economy.