JAKARTA - The movement of the Composite Stock Price Index (JCI) has the opportunity to rebound today, Wednesday, January 11, after closing down 0.96 percent yesterday to 6,622.49.
Phintraco Sekuritas in his research looked technically at the JCI forming a long lower shadow plus oversold condition, opening up opportunities for a technical rebound.
Energy commodity stocks, especially coal, are expected to be the driving force for the JCI. This is in line with the projected increase in India's coal needs by 8 percent in the March 2023-March 2024 period.
"In addition, expectations for recovery in demand from China along with plans to open borders and loosen COVID-19 restrictions have also triggered a rebound in energy commodity prices, including coal," explained research by Phintraco Sekuritas.
Phintraco Sekuritas assesses that investors can pay attention to the technical rebound in PGAS, ADRO, INDY, ITMG and PTBA, as well as the opportunity for small bullish reversal in HRUM.
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