JAKARTA - The movement of the Composite Stock Price Index has the potential to strengthen in today's trading, Friday 18 November. Head of Research for Main Services Capital Sekuritas Cheryl Tanuwijaya said today's trading will be in the range of 7,000-7,100.
According to him, sentiment that can influence the JCI movement comes from rising interest rates. The rising interest rate has the potential to raise the net interest margin atawa net interest margin (NIM).
"The banking sector will still support the JCI. The rebound in the commodity sector has the opportunity to support the JCI," he said in his research.
Cherly said the stock options that could be observed included BBNI with a target price of Rp9,675 per share, ASII with a target price of Rp6,525 per share, while ACES with a target price of Rp590 per share.
Yesterday, the JCI closed up 0.44 percent, up 30.60 points to 7,044.98 at the end of trading. Throughout the session, the JCI moved in the range of 6,965.76-7,051.27.
JCI strengthened in line with Bank Indonesia (BI)'s steps to raise the benchmark interest rate again. The Bank Indonesia Board of Governors' Meeting (RDG BI) on November 16-17, 2022 decided to raise the benchmark interest rate again or BI 7-Day Reverse Repo Rate (BI7DRR) by 50 basis points to 5.25 percent.
This increase put interest rates at the highest position since October 2016.
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