JCI Chances To Strengthen On Last Trade Day 2023

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) has the opportunity to strengthen to its highest level in 2023 at the end of trading this year, Friday, December 29, after yesterday's increase of 0.80 percent or 57 points to 7,303. This level is the highest closing this year.

CEO of Yugen Bersinar Sekuritas William Surya Wijaya said that today, which is the last trading day in 2023, the JCI movement pattern still shows a fairly stable movement with an opportunity for an increase that is still open and has the potential to reach its highest level again.

"The increase in the JCI is currently still supported by the stable condition of the Indonesian economy, which can be seen from the economic data that has been reported and the stable exchange rate of the rupiah," he said in his research.

According to William, if there is a reasonable correction, this of course can still be used by investors to accumulate purchases with the hope of capital gains in the coming year.

"Today the JCI has the potential to move in the range of 7,123-7,337. Its share recommendations are UNVR, BMRI, ITMG, GGRM, BBRI, BSDE, PWON, ASII," he explained.

Meanwhile, Phintraco Sekuritas predicts the JCI resistance today will be at the level of 7,350 with support at 7,250. The Phintraco Sekuritas team said the JCI closed at the pivot level of 7,300 on Thursday (28/12/2023). Technically, the Stochastic RSI began to enter the overbought area.

"Thus, the strengthening of the JCI will tend to be limited to the pivot area of 7,280-7.32," wrote the Phintraco Sekuritas Research Team.

Domestically, sentiment comes from shorter trade following the New Year's holiday, as well as the lack of sentiment that triggers a careful attitude of market players. This, according to Phintraco Sekuritas, can be seen from the decrease in transaction volume in trading on Wednesday and Thursday.

Therefore, indications of consolidation have the potential to occur in trading at the end of December 2023. On the other hand, market participants tend to pay close attention to the movement of the Wall Street index and the rupiah exchange rate following the latest US economic conditions.

The three major Wall Street indexes recorded rally to trading Wednesday, while the rupiah exchange rate continued to strengthen by 0.065% to a level of IDR 15,415 per US dollar on Thursday afternoon.

Phintraco Sekuritas also sees indications that window dressing signals are still maintained with the rebound on Thursday's trading. Phintraco Sekuritas said the stocks that can be considered today, Friday 29 December are NCKL, PGEO, BBTN, RAJA, PNLF, BTPS, and ASII.