JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to strengthen for today's trading, Wednesday, October 5 after yesterday rising 0.89 percent or 62.54 points so that it is parked at the level of 7,072.26.
Artha Sekuritas analyst Dennies Christopher said the JCI closed higher yesterday in line with the strengthening of the US and European stock markets.
Dennies said that the strengthening of the index was driven by a decrease in bond yields, which made the stock market more attractive. In addition, the strengthening of commodity prices also boosted the JCI.
As for today's trading, Dennis predicts the JCI will strengthen. He explained that JCI was limited in movement with the stochastic moving to form a golden cross in the oversold area indicating a potential strengthening in the short term.
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"Investors will pay close attention to the development of bond yields and the rupiah exchange rate. In addition, from economic data, sentiment will be minimal," he said in a daily research.
For today's trading, Artha Sekuritas estimates JCI will move with support at 7,044 and 7,016 and resistance at 7,100 and 7,128. A number of stocks that can be observed include PT Medco Energy Indonesia Tbk (MEDC), PT Erajaya Swasembada Tbk (ERAA), and PT Adaro Energy Indonesia Tbk (ADRO).
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