JCI Opens Strengthened To 5,111, Analyst Recommends BCA And Bank Mandiri Shares

Indonesia Stock Exchange Building. (Angga Nugraha / VOI)

JAKARTA - The Composite Stock Price Index (IHSG) opened higher this weekend, Friday, October 23. JCI opened higher by 0.39 percent or 19.90 points to 5,111.72 levels.

Opening trades, 57 stocks rose, 16 stocks fell, and 25 stocks remained unchanged. Trading volume was recorded at 114.40 million shares with a transaction value of IDR 89.69 billion.

JCI movement at the end of trading this week is expected to experience a technical rebound to the nearest resistance, although yesterday it was still stuck in negative territory with a slight decline of 0.09 percent to the level of 5.091.

"Technically, it indicates a potential strengthening in the JCI movement, so that the index has the opportunity to go to the nearest resistance level," said PT Binaartha Parama Sekuritas analyst Muhammad Nafan Aji Gusta Utama in his research.

He said the JCI movement which had the opportunity to reverse direction to the green zone could be addressed by investors by accumulating the purchase of shares of PT Bank Central Asia Tbk (BBCA), PT Bank Mandiri Tbk (BMRI), PT Indofood CBP Sukses Makmur Tbk (ICBP), PT Indoisat. Tbk (ISAT), and PT Medco Energy Tbk (MEDC).

A similar projection was conveyed by PT Reliance Sekuritas Indonesia analyst Lanjar Nafi, who said that the JCI had the potential to rebound or strengthen back.

Technically, said Lanjar, JCI still has the ability to stay above support at the 5.070 level. JCI has the potential to continue the short-term rebound signal to test the support-resistance levels at the levels of 5.070-5.160.

In the midst of a potential JCI rebound in today's trading, Lanjar offered a number of shares that could be played by market players, namely PT Astra Agro Lestari Tbk (AALI), PT Gudang Garam Tbk (GGRM), PT HM Sampoerna Tbk (HMSP), PT Indofood Sukses Makmur Tbk (INDF), PT Bank Rakyat Indonesia Tbk (BBRI), and PT Kalbe Farma Tbk (KLBF).