JAKARTA - The movement of the Composite Stock Price Index (JCI) today, Tuesday, November 2, is projected to continue its weakening after yesterday's closing in the red zone alias weakened by 38.46 points or 0.58 percent to the level of 6,552.89.
Artha Sekuritas Indonesia analyst Dennies Christopher Jordan said he expected the JCI to continue to weaken. JCI support levels will be at 6,527 to 6,502 and resistance levels at 6,602 to 6,652.
"Technically, the stochastic indicator has widened again after forming a deadcross indicating the potential to continue weakening," said Dennies in his research.
He observed that investors will remain conservative ahead of the Federal Reserve's interest rate decision and the release of Indonesia's third quarter GDP data. On the other hand, the JCI movement is also still supported by the release of the performance of issuers.
Meanwhile, CEO of PT Indosurya Bersinar Sekuritas William Surya Wijaya revealed that after the release of inflation data, the JCI tends to move within a reasonable consolidation range. The potential for pressure will still be visible given the opportunity for pressure on commodity prices to continue to loom for some time to come.
"So it will give less good sentiment to issuers related to commodities, and this of course can have an impact on the JCI movement pattern," he said.
William projects that the JCI will potentially be depressed in the range of 6,413 to 6,603. Some of the stocks he recommends are PT Alam Sutera Realty Tbk (ASRI), PT Telkom Indonesia Tbk (TLKM), PT XL Axiata Tbk (EXCL), PT Bank Negara Indonesia Tbk (BBNI), PT Bank Central Asia Tbk (BBCA), PT HM Sampoerna Tbk (HMSP) and PT Indofood Sukses Makmur Tbk (INDF).
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