JAKARTA - The movement of the Composite Stock Price Index (JCI) is projected to weaken in today's trading, Wednesday, March 15, after yesterday falling 2.14 percent or 145.141 points to the level of 6,641.81.
Phintraco Sekuritas in his research said the JCI formed a black pattern of marubozu along with a significant weakening on Tuesday. If this weakening continues, support critical will be at the level of 6,585 today.
On the other hand, there is a technical rebound opportunity, if the JCI survives above 6,650. This movement is influenced by the main negative sentiment stemming from market expectations that the Fed will continue to raise the benchmark interest rate by 25 bps in the Federal Open Market Committee (FOMC) meeting Wednesday, March 22.
"The Fed's short-term lending facility for parties affected by the Silicon Valley Bank (SVB) is feared to cause continued stubborn inflation, especially in the US," wrote research by Phintraco Sekuritas.
In addition, the inflation rate in the United States in March is estimated to still hold above 6 percent yoy. Meanwhile, from domestic, the BI Board of Governors' Meeting (RDG) on Thursday 16 March will also raise the benchmark interest rate by at least 25 bps which triggers a weakening of the rate-sensitive stock price, especially banks.
Considering some domestic and foreign sentiment, Phintraco Sekuritas recommends consumer-related stocks for today, including INDF, AKRA, and JSMR.
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