Getting Worse, The JCI Has Collapsed To A Level Of 5,300's

Illustration. (Photo: Unsplash)

JAKARTA - The Composite Stock Price Index (IHSG) opened down nearly 3 percent at the opening of trading on Friday, February 28. JCI slid deeper by 163.87 points or 2.96 percent to 5,371.82.

JCI continues to be in the red zone throughout trading this week. Opening trading today, there were 17 stocks rising, 184 stocks weakening and 63 stocks stagnating. Trade transactions reached Rp168.2 billion from 126 million shares traded.

Analyst Analyst at Reliance Sekuritas Indonesia, lanjar Nafi, said that capital market investors today will focus on low-risk assets, aka safe havens. This is because the corona virus outbreak continues to develop outside of China.

He also projected that the JCI will move down. "Risk-off action in almost all countries towards the end of February 2020," said Lanjar in his research.

Technically, Lanjar continued, if the JCI is unable to return above the lowest support level in 2018, it will move lower to test the next support. The JCI movement range at the end of this week is predicted to be in the range of 5,487-5,620.

This morning, the stocks that entered the top gainers, namely PT Steadfast Marine Tbk (KPAL) rose IDR 11 or 10 percent to IDR 121, shares of PT Verena Multi Finance Tbk (VRNA) rose IDR 10 or 10 percent to IDR 110 and shares of PT Malacca Trust Wuwungan Insurance Tbk (MTWI) increased by IDR 4 or 6 percent to IDR 63.

As for the stocks that entered the top losers, among others, shares of PT Bank Mandiri (Persero) Tbk (BMRI) fell Rp. 675 or 9 percent to Rp. 6,675, shares of PT Barito Pacific Tbk (BRPT) fell by Rp. 70 or 7 percent to Rp. 910 and shares of PT. Surya Citra Media Tbk (SCMA) decreased IDR 70 or 6 percent to IDR 1,080.