Wednesday's JCI Is Predicted To Be Corrected, Watch Today's Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Jakarta Composite Index (IHSG) is predicted to be corrected in today's trading, Wednesday, March 29, after rising 0.77 percent or 51.3 points yesterday to a level of 6,760.

Phintraco Sekuritas in its research estimates that the JCI will move at resistance 6,790, pivot 6,750, support 6,730.

"Today's JCI is expected to consolidate within the 6,730-6,790 range with a tendency for correction. In line with the correction in Wall Street indices on Tuesday, March 28, and an overbought signal from Stochastic RSI," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that the rebound in the majority of commodity stocks pushed the JCI up on Tuesday. This strengthening is expected to continue in line with the continued strengthening of energy commodity prices amid fears of oil supply disruptions from Kurdistan.

"Thus, a further rebound from commodity stocks can be watched today," added Phintraco Sekuritas.

Externally, Phintraco Sekuritas explained, the decision on liquidity assistance by the Fed and plans to increase liquidity assistance from US authorities tend to put pressure on the US dollar index. This prompted the continued strengthening of the Rupiah exchange rate to IDR 15,085 per US dollar on Tuesday afternoon.

"In the medium-long term, this condition can be a positive sentiment for rate-sensitive stocks, especially banks," said Phintraco Sekuritas.

Phintraco Sekuritas recommended seven stocks, namely GGRM, TPIA, INTP, ADRO, PTBA, HRUM, and MDKA.