JAKARTA - The movement of the Composite Stock Price Index (JCI) is projected to strengthen in today's trading, Tuesday, March 21, after weakening 0.98 percent to 6,612.49 yesterday.
Phintraco Sekuritas in its research predicts the JCI will rebound in today's trading, with resistance at 6,650, pivot at 6,550, support at 6,480. He explained that the JCI will be affected by the rebound in the majority of the global index on Monday.
"JCI is expected to stay above the critical support level of 6,585. As well, there is a chance to rebound to the range of 6,660," wrote Phintraco Sekuritas.
Phintraco Sekuritas added that the JCI movement is expected to be limited by the wait and see attitude of market players ahead of the announcement of the FOMC results on March 22, 2023. The market anticipates an increase in the benchmark interest rate by 25 bps.
"However, the market also hopes to get instructions on the direction of the Fed's monetary policy, especially regarding the terminal rate," said Phintraco Sekuritas.
Domestically, BI has decided to hold the benchmark interest rate at 5.75 percent last week. Expectations for the Fed Rate increase and the BI decision are expected to maintain market participant confidence in the banking system in Indonesia amid negative sentiment in closing two regional banks in the US.
Phintraco Sekuritas recommends selected stocks that can be considered today, including BBRI, BMRI, BBYB, INDF, ICBP, PTBA, AKRA and INCO.
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