JCI Tuesday Has A Limited Strengthening Chance

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to be able to strengthen limited today, Tuesday, July 23. This was stated by the Associate Director of Research and Investment Pilarmas Investindo Sekuritas Maximilianus Nico Demus.

"Support and resistance at the level of 7,220 - 7,360," he explained in the research.

JCI closed up 0.38% to the level of 7,321.97 in trading earlier last Monday. The JCI movement yesterday rose 27.4 points and had reached the highest level of 7,341 during the trading session. The lowest level of the JCI today is at the level of 7,301. The JCI market capitalization rose to Rp12,447 trillion

There are 318 stocks rose, 265 stocks ended in the red zone, and 212 stocks were stagnant. PT Bank Mandiri (Persero) Tbk. (BMRI) became one of the most active shares traded yesterday. As a result, BMRI shares rose by 2.68 percent to the level of IDR 6,700 per share.

The Pilarmas Sekuritas Research Team explained that the Asian regional exchange moved lower today because the market focused on the news that United States (US) President Joe Biden withdrew from the US presidential candidate exchange for the next period, disruption to the global IT outage, and China's central bank policy of cutting loan interest rates.

United States (US) President Joe Biden has decided to resign and support US Vice President Kamala Harris as a presidential candidate from the Democratic camp.

In the short term, Joe Biden's decision was met with various responses by the market. This has the potential to add greater political uncertainty to the market which is likely to result in some short-term shaking.

In addition to Joe Biden's resignation as a US presidential candidate, the global IT blackout caused by an update at cybersecurity firm CrowdStrike, has cost the market and disrupted operations in various industries including airlines, banking, and health services.