The JCI on Tuesday Has the Potential to Weaken, These are Stocks to Watch

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Jakarta Composite Index (IHSG) is expected to weaken today, Tuesday, November 22, after ending yesterday at 7.063.24, down 18 points or 0.27 percent.

Artha Sekuritas analyst Dennies Christopher in his research observes that the JCI movement will still be influenced by external sentiment because there is still minimal sentiment in the country.

Technically, Dennis explained that the stochastic has formed a deadcross thus indicating potential for weakness. JCI has the potential to test support at 7.039 and 7.016, with resistance at 7.096 and 7.130.

"Globally there is still pressure regarding the potential increase in The Fed's interest rate. Meanwhile, domestically there is still minimal sentiment," said Dennies.

For today's trading, Dennies recommends holding TOWR. Then sell MDKA and BBRI, and spec buy on ADHI shares.

Yesterday, the JCI moved to a low of 7.050.44 and a high of 7.107.32 during trading. The share transaction value reached IDR 9.25 trillion and the market capitalization fell to IDR 9.466 trillion, from the previous IDR 9.473 trillion.

Shares of PT GoTo Gojek Tokopedia Tbk (GOTO) were recorded as the biggest ballast for the JCI in yesterday's trading. Closed with a correction of 5.4 percent to the IDR 210 mark per share, the weakening of GOTO contributed to a reduction in index points of 23.8.

GOTO position was followed by BBCA and ARTO with contributions of 7.6 points and 4.1 points respectively. Both closed in the red zone with corrections of 1.1 percent and 6.9 percent.

Other stocks that weighed on the index were BUKA and UNVR, each contributing 1.6 and 1.3 point declines to the JCI.