JCI Increasingly Melted Down, Opened At 5,832.89 Levels

Illustration. (Photo: Unsplash)

JAKARTA - The Composite Stock Price Index (IHSG) was still in the red zone at the opening Monday, February 24. JCI fell 49.3 points or 0.83 percent to 5,832.89.

Opening the trade, there were 32 stocks rose, 91 stocks fell, and 108 stocks were stagnant. Trade transactions reached IDR 104.8 billion from 87 million shares traded.

Binaartha Sekuritas analyst M. Nafan Aji Gusta Utama also predicts the JCI will decline based on technical analysis. "This indicates the potential for further correction in the JCI movement so that it has the opportunity to go to the nearest support," he said.

The support area referred to by Nafan is in the range 5,860-5,839, while the resistance area is at the range 5,960 to 5,988.

He also recommended a number of shares that could be considered by investors, including PT Bank Central Asia Tbk (BBCA), PT Indah Kiat Pulp and Paper Tbk (INKP), PT Medco Energi Internasional Tbk (MEDC), PT Mayora Indah Tbk (MYOR), PT Housing Development Tbk (PTPP), as well as PT Salim Ivomas Pratama Tbk (SIMP).

This morning, the stocks that entered the top gainers, namely PT Sat Nusapersada Tbk (PTSN) rose IDR32 or 13.9% percent to IDR262, shares of PT Pikko Land Development Tbk (RODA) rose IDR4 or 6.2 percent to IDR68 and shares of PT Indopoly Swakarsa Industry Tbk (IPOL) increased by IDR 4 or 5.7 percent to IDR 74.

As for the stocks that entered the top losers, among others, shares of PT Agro Yasa Lestari Tbk (AYLS) fell IDR37 or 24.1 percent to IDR116, shares of PT Dewata Freightinternational Tbk (DEAL) fell IDR6 or 3.9 percent to IDR148 and shares of PT Medco Energi International Tbk (MEDC) fell IDR 25 or 3.6 percent to IDR 665.