'Hested' Various Sentiments, JCI Today Is Predicted To Be Weak

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to weaken in today's trading, Thursday, October 27, after closing down 0.06 percent yesterday to the level of 7,043.93. Artha Sekuritas Indonesia analyst Dennies Christopher Jordan said the JCI closed lower yesterday after strengthening at the beginning of the trading session. According to him, the JCI movement was driven by the issuer's working release season as of the third quarter of 2022, as well as the Fed's statement which would not aggressively raise interest rates in November 2022. For today's trading, the JCI movement will be supported by the release season of issuers' financial performance for the third quarter of 2022. In addition, according to him, investors will also pay close attention to the fluctuations in the rupiah exchange rate. "The candlestick formed a lower high and a lower low, with a stochastic forming a dead cross as it approached the overbought area indicating potential weakness," said Dennies in his research. In tomorrow's trading, Dennies predicts the JCI will weaken with resistance at 7,077-7,111, and support at the level of 7,013-6,983. Some of the stocks that are recommended are PT Barito Pacific Tbk (BRPT), PT Adhi Karya Tbk (ADHI), and PT Bukit Asam Tbk (PTBA). Meanwhile, Untuk, Phintraco Sekuritas analyst Valdy Kurniawan said the JCI was still prone to corrections in trading this Thursday. If the correction continues to 7,030, said Valdy, then the JCI has the potential to support tests at the psychological level of 7,000. "External sentiment tends to be mixed. Financial performance of financial companies that tend to be above expectations, is the opposite of the performance of a number of technology companies that tend to be below expectations," he explained in his research. Still from external, market participants are also anticipating the announcement of the Fed Rate increase in November and the potential for an ECB benchmark interest rate increase of 75 bps to 2 percent this Thursday.