Haunted By Negative Sentiment, JCI Monday Potentially Weakens

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to weaken in today's trading, Monday, March 13, after last weekend's decline of 34.49 points or 0.51 percent to the level of 6,765.302.

Phintraco Sekuritas in his research said that the JCI movement pattern in the last three trading days indicates that the JCI will still fluctuate for some time to come, including this Monday.

"The decrease in transaction volume also supports this estimate. JCI is estimated to fluctuate above support at 6,750," wrote the research of Phintraco Sekuritas.

JCI is predicted to move within the support area at the level of 6,750 and resistance at the level of 6,850. The negative sentiment is estimated to be still related to market expectations for a more aggressive increase in benchmark interest rates in March 2023, both by the Fed and BI.

Market expectations will be influenced by US nonfarm payroll data and US unemployment rate in February 2023. According to Rio, if both are more than expected, the pressure on the JCI could grow.

For information, the BI RDG is scheduled to take place on March 15 and 16, 2023, while the FOMC is scheduled for March 21-22, 2023.

In trading this Monday, investors can pay attention to defensive stocks, including consumer-related shares. Selected stocks for today include TLKM, EXCL, SIDO, CMRY, IMAS, and JSMR.

"Outside of defensive stocks, the potential for rebounds in ANTM, HRUM, and INCO can also be considered," explained research by Phintraco Sekuritas.