JAKARTA - The movement of the Composite Stock Price Index (JCI) on Monday, November 1, is estimated to have limited gains after closing down 1.03 percent last weekend at the level of 6,591.34.
Artha Sekuritas Indonesia analyst Dennies Christopher Jordan said the JCI closed higher in line with the strengthening of the United States (US) stock exchange.
"This strengthening was driven by the release of the third quarter of 2021 financial reports which recorded improved performance which also proves the economic recovery," said Dennies in his daily research.
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According to Dennies, the JCI's movement for Monday will still be colored by the results of issuers' performance releases in the third quarter of 2021. Technically, the stochastic indicator has begun to narrow after previously forming a deadcross, indicating potential for strengthening but limited.
Dennies projects that the JCI will strengthen with resistance at 6,624, resistance 1 at 6,607, support 1 at 6,562, and support 2 at 6,534. The stocks that he recommends are PT Semen Indonesia Tbk (SMGR), PT BFI Finance Indonesia Tbk (BFIN), and PT Budi Starch & Sweetener Tbk (BUDI).
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