JCI Opened Higher On Thursday, Analysts Recommended Indofood Shares

Indonesia Stock Exchange Building. (Angga Nugraha / VOI)

JAKARTA - The Jakarta Composite Index (IHSG) opened higher on Thursday, November 26 trading. JCI opened slightly higher by 0.03 percent or 1.68 points to the level of 5,680.92.

Opening the trade, 156 stocks rose, 35 stocks fell, and 180 stocks remained unchanged. The trading volume was recorded at 544.49 million shares with a transaction value of IDR 241.44 billion.

JCI movement in today's trading is estimated to be corrected again, after yesterday reversing direction towards negative territory and ending down 0.38 percent to the level of 5,679.

According to PT Binaartha Parama Sekuritas analyst, Muhammad Nafan Aji Gusta Utama, technically the JCI is starting to show overbought conditions. The JCI support-resistance range is at the level of 5,621-5,769.

"On the other hand, there is a long black opening marubozu candle pattern which indicates the potential for further correction to the JCI movement," Nafan said in his research.

So, he explained, the potential for further corrections to the JCI today could be exploited by investors by accumulating the purchase of shares of PT ACE Hardware Tbk (ACES), PT Aneka Tambang Tbk (ANTM), PT Bumi Serpong Damai Tbk (BSDE), PT Indofood Sukses Makmur Tbk. (INDF), and PT Timah Tbk (TINS).

A similar estimate was conveyed by PT Reliance Sekuritas Indonesia Tbk (RELI) analyst, Lanjar Nafi Taulat Ibrahimsyah, who said that the JCI movement would continue the correction process towards the support level of 5,622.

Technically, said Lanjar, IHSG is moving in an overbought condition so that JCI has the potential to be corrected, with support-resistance of 5,622-5,710.

Furthermore, Lanjar said, the potential for further corrections to the JCI rate could be responded to by investors by collecting shares of PT Astra International Tbk (ASII), PT Unilever Indonesia Tbk (UNVR), PT Kalbe Farma Tbk (KLBF), PT Erajaya Swasembada Tbk (ERAA), and PT Indofood Sukses Makmur Tbk (INDF).