JCI Opens To Increase 1.11 Percent, Analyst Recommends BUMN Shares

Indonesia Stock Exchange Building. (Angga Nugraha / VOI)

JAKARTA - The Jakarta Composite Index (JCI) opened in the green zone in trading earlier this week. Monday, September 14, JCI opened up 1.11 percent or 55.46 points to the level of 5,072.17.

Opening the trade, 111 stocks rose, 16 stocks fell, and 46 stocks remained stagnant. The trading volume was recorded at 88.46 million shares and was transacted for IDR 117.05 billion.

Binaartha Sekuritas analyst, M. Nafan Aji Gusta Utama said, JCI today has the opportunity to head for the closest resistance target at the level of 5.097, after last weekend it was able to turn to the green zone with a strengthening of 2.56 percent to 5.016.

"Technically, it indicates the potential for further strengthening in the JCI movement, so that the index has the opportunity to go to the nearest resistance level," Nafan said in his research.

According to him, JCI has the first and second support levels at 4,778 and 4,865 positions. Meanwhile, the first resistance target is at the level of 5,097 and the second resistance is at 5,172.

Thus, he explained, the potential for further strengthening in the JCI rate earlier this week could be utilized by investors by collecting shares of PT Bank Central Asia Tbk (BBCA), PT Bank Negara Indonesia (Persero) Tbk (BBNI), PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI), PT Bank Mandiri (Persero) Tbk (BMRI), PT Elnusa Tbk (ELSA), PT Perusahaan Gas Negara (Persero) Tbk (PGAS), and PT Bukit Asam Tbk (PTBA).

Meanwhile, PT Indosurya Bersinar Sekuritas analyst William Suryawijaya said the JCI movement in today's trading was still overshadowed by a number of negative sentiments, so that the index rate would move limited to the range of 4,711-5,088.

William further said, the pattern of JCI hike that occurred at the end of last week was still a technical rebound, due to the large pressure on the previous transaction.

"The movement of the JCI today will be overshadowed by fluctuations in the rupiah exchange rate and commodity prices. Today, the JCI has the potential to move within a fairly limited range," William said.