How Is JCI Movement Before Long Holiday?

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is expected to fluctuate again in today's trading, Wednesday 31 May, ahead of the long holiday commemorating the birthday of Pancasila 1 June 2023.

Yesterday, Tuesday, May 30, the JCI weakened 0.67 percent to 6,636.42 and had reached its highest position at 6,700.23 and lowest at 6,636.42. A total of 234 stocks closed parked in the green zone, 294 stocks fell, and 213 other stocks closed in the same position as yesterday's price.

The sectoral index was observed to be closed varied, with the industrial sector experiencing the deepest correction of 1.42 percent. Then the non-cyclical consumer sector followed with a decline of 0.99 percent, healthcare fell 0.84 percent, and property weakened 0.70 percent.

Some of the sectors that strengthened were transportation by 1.30 percent, cyclical consumers rose by 0.45 percent, and energy strengthened by 0.43 percent. Phintraco Sekuritas in its daily research said that the JCI has a tendency for further correction on Wednesday's trading in the range of 6,620-6,630.

JCI movement will fluctuate with support around 6,650-6,660. Phintraco said that the Indonesian market was still shrouded in concern over the potential debt ceiling deal between US President Joe Biden and House Speaker Kevin McCarthy.

The two have indeed reached a tentative deal on Saturday, May 27, but there has been no official agreement between the two. On the other hand, the deadline for achieving the debt ceiling in the United States is getting closer, which is expected to be June 5, 2023.

Domestically, the market will be closed on June 1 and 2 2023. This has also influenced the cautious attitude of market players. During this period, the ECB is scheduled to announce its benchmark interest rate and the US is scheduled to release data on the labor sector.

Some of the stocks recommended by Phintraco Sekuritas for today are BBRI, GOTO, PGAS, PTBA, SMGR, ARTO, BBTN and BTPS.