Prone To Profit Taking, JCI Is Projected To Weaken At The End Of The Week

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to weaken in line with the potential for profit-taking in today's trading, Friday, June 28.

Phintraco Sekuritas analyst in his research said the JCI tested resistance at 6,960 in trading last Thursday. There is a gap-up from the JCI movement Thursday.

Positive slope MACD is wide, but Stochatic RSI is at 100 percent. The transaction volume is relatively on average value," wrote the Phintraco Sekuritas Team.

The JCI closed up 0.90 percent yesterday or 62 points to 6,967. Throughout trading, the index moved in the range of 6,915 to 6,968.

A total of 306 stocks rose, 239 stocks fell and 239 stocks were stagnant. The outstanding shares were recorded at 24.28 billion with a transaction value of 14.92 trillion.

The market capitalization was also recorded at Rp11,963.67 trillion. Thus, the Analyst Team still believes that conditions are prone to profit taking at the JCI. Moreover, the stocks of big caps banks that support the strengthening of the JCI on Thursday have entered the overbought area.

Then, from external results from the bank's stress test in the US, it shows that the banking sector in the US is able to survive in a sequence process. This condition has a positive impact on market confidence in the midst of the current high interest rate condition. The impact can be seen from the significant strengthening of bank stock prices, especially large banks in IDX on Thursday's trading.

However, it is better not to be too aggressive in accumulating current bank shares. The reason is, the price of bank shares is indicated to be overbought at current prices.

Along with this projection, Phintraco Sekuritas recommends several stocks, including INDF, UNVR, CTRA, PGEO, and MYOR.