JCI Tuesday Menguat Because Of Some Of These Sentiments

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) has the opportunity to strengthen to 6,730 in today's trading, Tuesday, January 10, after yesterday's slight increase of 0.06 percent to 6,688.26.

Yesterday's JCI movement was colored by the net sale of foreign investors amounting to IDR 149.7 billion. Throughout 2023, foreigners have made net sales of IDR 2.33 trillion.

Phintraco Sekuritas said market participants were looking forward to the speech of Fed Head Jerome Powell on Tuesday local time. Market participants tend to anticipate Powell's affirmation regarding the possibility of a further increase in the benchmark interest rate in the first semester of 2023 and regarding the prospect of lowering the benchmark interest rate in 2024.

Technically, the JCI has the potential to rebound to the range of 6,7306,750 tomorrow given the condition of the Stochastic RSI which has entered the oversold area. In addition, the volume reduction and transaction value indicate that the consolidation phase or selling pressure eased.

"The JCI Tuesday has the potential to rebound 6.7306,750 with support at 6.640 and resistance at 6.800," wrote Phintraco Sekuritas in his research.

From within the country, there was a sentiment increase in Indonesia's Consumer Confidence Index to 119.9 in December 2022 from 119.1 in November 2022. This could be a reference for investors to pay attention to defensive stocks.

"The increase in IKK in the midst of high inflation in Indonesia is positive news. In addition, the rebound in commodity prices can also trigger a continued rebound in commodity stocks," continued Phintraco.

Phintraco's main choice of shares for trading tomorrow includes UNVR, MIKA, JSMR, ACES, ANTM, HRUM, and TINS.