Happy Market Participants Joe Biden Wins, JCI Opens Stronger To 5,377.10

Indonesia Stock Exchange Building. (Angga Nugraha / VOI)

JAKARTA - The Jakarta Composite Index (JCI) opened higher on Monday, November 9 trading. JCI opened higher by 0.78 percent or 41.57 points to the level of 5,377.10.

Opening the trade, 103 stocks rose, 4 stocks fell, and 44 stocks were stagnant. The trading volume was recorded at 166.49 million shares with a transaction value of IDR 202.34 billion.

Director of PT Anugerah Mega Investama, Hans Kwee said, the Presidential Election (Pilpres) of the United States (US) which has been taking place since November 3, 2020, has caught the attention of market players.

"The index in the majority stock market strengthened in response to the potential for Joe Biden to win the election," Hans Kwee said in his weekly research.

JCI movement in today's trading is expected to continue the upward trend, after closing last week at 1.43 percent higher to the level of 5,335.

"Technically it indicates a potential bullish continuation 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.

The same thing was conveyed by PT Reliance Sekuritas Indonesia Tbk (RELI) analyst, Lanjar Nafi Taulat Ibrahimsyah, who said that technically the JCI rate was testing the highest resistance level in the August 2020 rebound wave at the level of 5,382.

However, Lanjar stated, in terms of momentum, the JCI movement tended to enter the overbought area.

"So, the potential for strengthening the JCI which is still open will tend to move limited at the beginning of the week, with a movement range of 5,275-5,382," said Lanjar.

He further said that the opportunity for a limited strengthening at the rate of JCI could be addressed by investors by collecting shares of PT Elnusa Tbk (ELSA), PT Kalbe Farma Tbk (KLBF), PT Bukit Asam Tbk (PTBA), PT HM Sampoerna Tbk (HMSP), PT Gudang Garam Tbk (GGRM), and PT Indika Energy Tbk (INDY).