JCI Opens Stronger At The Start Of The Week, But Beware Of Weakness At The End Of Trading

Indonesia Stock Exchange Building. (Angga Nugraha / VOI)

JAKARTA - The Jakarta Composite Index (IHSG) opened in the green zone in early trading week, Monday, December 21. JCI opened higher by 0.58 percent or 35.44 points to the level of 6,139.77.

JCI movement in today's trading is expected to turn higher, after last weekend it was closed with a fair correction of 0.15 percent to the level of 6,104.

PT Binaarta Sekuritas analyst, Muhammad Nafan Aji Gusta Utama said, technically the JCI has a support-resistance range at the level of 6,009-6,157.

"This indicates a potential strengthening in the JCI movement, so that the index has the opportunity to go to the resistance level," Nafan said in his research.

Thus, he explained, the potential for a technical rebound in the JCI today could be exploited by investors by buying shares of PT Alam Sutera Realty Tbk (ASRI), PT Bank Negara Indonesia Tbk (BBNI), PT Bank Rakyat Indonesia Tbk (BBRI), PT Elnusa. Tbk (ELSA), PT Indofood Sukses Makmur Tbk (INDF), PT Indah Kiat Pulp & Paper Tbk (INKP), PT Tower Bersama Infrastructure Tbk (TBIG) and PT Sarana Menara Nusantara Tbk (TOWR).

Meanwhile, according to PT Indosurya Bersinar Sekuritas analyst William Suryawijaya, the JCI movement remains in a reasonable consolidation range and has the opportunity to continue its short-term weakening pattern if it is unable to stay above the resistance level.

He said, currently JCI has a support-resistance range at the level of 5,920-6,123.

"The fluctuation of the rupiah exchange rate and commodity prices will color the JCI movement until some time to come," said William.

He further stated that the potential for further weakening in the JCI rate today could be addressed by investors by collecting shares of PT Unilever Indonesia Tbk (UNVR), PT Astra Agro Lestari Tbk (AALI), PT Jasa Marga Tbk (JSMR), PT Ciputra Development Tbk ( CTRA), PT Wijaya Karya Tbk (WIKA), and PT Mayora Indah Tbk (MYOR).