JCI on Wednesday Prone to Correction, What Stocks Can be an Option?

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (IHSG) closed down 0.75 percent or 54.570 to 7,224.293 points, on Tuesday, July 16 trading. MNC Sekuritas, in its research, saw that the movement of IHSG today, Wednesday, July 17, is still vulnerable to correction due to sentiment from both domestic and global.

"We estimate that IHSG is vulnerable to correction with support of 7,215 and resistance of 7,252," explained MNC Sekuritas' research.

On Wednesday, IHSG will be influenced by sentiment from the Fed's dovish stance, but on the other hand, the Chinese economy is overshadowed by an economic slowdown. In addition, the market is still waiting for the release of the BI Rate.

"The BI rate, which is estimated by consensus, will remain at 6.25 percent," explained MNC Sekuritas.

Furthermore, CEO of Yugen Bertumbuh Sekuritas, William Surya Wijaya, sees the movement pattern of the JCI to be colored by the approaching release of interest rate data which is predicted to not change. According to him, the nearest support level is currently being tested again, in addition, the opportunity for further correction today still looks quite large.

"This is influenced by sentiment from the still recorded capital outflow ytd and also the fluctuation of the Rupiah exchange rate, today the JCI has the potential to consolidate," he explained.

William recommends paying close attention to BMRI, JSMR, ITMG, SMGR, AKRA, KLBF, TBIG, and ASRI shares.