JAKARTA - The Composite Stock Price Index (JCI) is predicted to move sideways in today's trading, Thursday, November 20, after yesterday's gain of 0.53 percent to the level of 8,406.58.
In his research, Phintraco Sekuritas said that the increase in the index occurred in the midst of Bank Indonesia (BI)'s decision to re-maintain the BI Rate at the position of 4.75 percent, which is the lowest level since October 2022.
The decision reflects BI's consistency in maintaining inflationary stability which remains within the target range and maintains a balance of the Rupiah exchange rate. As a result, the Rupiah also strengthened against the United States dollar at the end of trading.
However, market participants are still watching the slowdown in bank credit growth. In October 2025, credit only grew 7.36 percent on an annual basis (yoy), down from 7.7 percent in September and to the lowest since July 2025.
Phintraco Sekuritas assesses that the high portion of credit has not been disbursed (undisbursed loan) shows weak demand in the field.
Undisbursed loan which reached IDR 2,450 trillion or 22.9 percent of the credit ceiling showed a weak demand for loans amid depressed middle class purchasing power, explained Phintraco Sekuritas.
From global sentiment, the attention of investors will be on the decision of the Central Bank of China (PBoC) loan interest rate which is scheduled to be released in the near future. In addition, US labor data is also awaited, with projections showing improvement in labor market conditions.
These two factors are seen as potentially an additional catalyst for the movement of risky assets in the Asian region, including the Indonesian stock market.
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Technically, the JCI closed trading above moving average 5 (MA5). However, the MACD indicator is starting to lead to a potential death cross, while the Stochastic RSI shows weakening.
With the combination of these technical signals, the JCI is expected to continue to move sideways in trading this Thursday, with support areas at 8,300 and resistance at 8,450.
"JCI has the opportunity to move in that range while waiting for clearer global sentiment," explained Phintraco Sekuritas.
The stocks recommended by Phintraco Sekuritas today are HRTA, SMGR, ISAT, PYFA, and SSIA.
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