JAKARTA - The Composite Stock Price Index (JCI) is projected to rebound in today's trading, Wednesday, June 19, after last weekend before the long holiday subsided 1.42 percent to 6,734.83.
Phintraco Sekuritas estimates JCI will move at 6,850 resistance, 6,780 pivot, 6,700 support.
"The potential rebound coincides with the projected rebound of the Rupiah exchange rate after a significant weakening to Rp16,395 per US dollar on Friday," wrote Phintraco Sekuritas in his research.
From external, Phintraco Sekuritas said, a decrease in the yields of 10-year US bonds in line with the increased chance of cutting the Fed's benchmark interest rate in September 2024 could trigger a rebound in the Rupiah exchange rate today.
Domestically, Phintraco Sekuritas said, the clarification from the Prabowo-Gibran team that the issue of plans to increase the debt-to-GDP ratio to 50 percent is not true and is a rumor. For information, Indonesia's debt-to-GDP ratio is at 39.9 as of December 2022.
Considering the above sentiments, Phintraco Sekuritas recommends monitoring the stock-share rate-sensitive.
"Furthermore, energy stocks can also be observed in line with the trend of rising energy commodity prices this week," concluded Phintraco Sekuritas.
Meanwhile, Capital Market Observer & Founder of WH-Project William Hartanto observed that foreign investor transactions were quite interesting, because several net buys had occurred in the negotiation market. However, William emphasized that this condition did not provide any indication or certainty regarding the direction of the JCI.
"However, net buy activities that occur in certain stocks can be considered, because stocks that have their own trading agenda, usually also have their own trends," William said in his research.
Technically, the JCI experienced a downtrend with a psychological level of 6,700 which served as support. William assessed that the position of the JCI candlestick was in the demand zone area and the psycholigical level of 6,700 provided potential for a rebound.
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The selling rate is indicated by the value of the JCI daily transaction which is getting smaller every day, which has been below Rp10 trillion several times.
"It is quite possible for the JCI to continue to weaken to reach 6,700, but also open opportunities for this weakening to only end as a false break," explained William.
William projects that the JCI has the potential to move in a weakening trend with a range of 6,700-6,762 today, Wednesday, June 19.
The stocks he recommends for trading today include PT Amman Mineral Internasional Tbk (AMMN), PT Trans Power Marine Tbk (TPMA), PT Toba Surimi Industries Tbk (CRAB), and PT Primaya Plastisindo Tbk (PDPP).
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