JCI Opens In The Red Zone: Foreign Investors Sell Shares Of Bank Mandiri, Telkom, And BCA

Indonesia Stock Exchange Building. (Angga Nugraha / VOI)

JAKARTA - The Jakarta Composite Index (JCI) opened in the red zone on trading Tuesday, December 22. JCI opened lower by 0.29 percent or 18.03 points to a level of 6,147.59.

Opening the trade, foreign investors released shares of PT Bank Mandiri Tbk (BMRI) worth IDR 10.3 billion, PT Telekomunikasi Indonesia Tbk (TLKM) IDR 30.2 billion, PT Bank Central Asia Tbk (BBCA) IDR 15 billion.

JCI movement in today's trading is expected to continue the bullish trend or continued strengthening, after yesterday ending again in the green zone with a gain of 1 percent to the level of 6,165.

According to PT Binaarta Parama Sekuritas analyst, Muhammad Nafan Aji Gusta Utama, the JCI's support-resistance range is at the level of 6,157-6,248.

"Technically it indicates a potential bullish continuation in the JCI movement, so that the index has the opportunity to head to the resistance level," Nafan said in his research.

In the midst of the potential for further strengthening of the JCI in today's trading, Nafan offered a number of shares that market players could observe, namely PT Bank Central Asia Tbk (BBCA), PT Bank Negara Indonesia Tbk (BBNI), PT Bank CIMB Niaga Tbk (BNGA), and PT Siloam International Hospitals Tbk (SILO).

Meanwhile, according to an analyst at PT Reliance Sekuritas Indonesia Tbk (RELI), Lanjar Nafi Taulat Ibrahimsyah, the JCI is already in an overbought condition, so today its movement has the potential to be corrected in the short term.

Technically, the JCI has the potential for a short-term correction with support-resistance at the levels of 6.102-6.170.

Thus, he explained, the JCI movement that could potentially reverse its weak direction today could be responded to by investors by collecting shares of PT Bank Danamon Tbk (BDMN), PT Delta Dunia Makmur Tbk (DOID), PT HM Sampoerna Tbk (HMSP), PT Indofood Sukses Makmur. Tbk (INDF), and PT Sarana Menara Nusantara Tbk (TOWR).