JCI Tuesday Morning Rises From Yesterday's Slump, Opens Higher To 5,149.49

Illustration. (Photo: Unsplash)

JAKARTA - The Composite Stock Price Index (IHSG) managed to strengthen after sinking around 6 percent yesterday. This morning, Tuesday, March 10, the JCI turned towards the green zone by opening up 12.68 points or 0.24 percent to 5,149.49.

At the opening of trading, there were 18 stocks rose, 16 stocks fell, and 11 stocks were stagnant. Trade transactions reached IDR 44.38 billion from 14.03 million shares traded.

Reliance Sekuritas Indonesia analyst Lanjar Nafi said, today the JCI is predicted to have another correction after yesterday's fall by 6.58 percent to the lowest level since the end of December 2016 at 5,136.81. Investors panic in selling their portfolios on the financial market is predicted to continue.

"The next sentiment is still panic selling in world financial markets," said Lanjar in his written research.

Another sentiment affecting investors today is still around the intervention of the Organization of the Petroleum Exporting Countries (OPEC) regarding oil production. In addition, it is estimated that investors are still waiting for the United States' (US) steps to restrain risk off actions.

According to Lanjar, technically the potential for JCI correction is still haunting and there are no signs of a reversal or rebound. "Even if the index experiences a rebound, it will only try to turn back above the 5,100 level," he said.

So it is estimated that the JCI movement still tends to fall, aka bearish, with the potential for buying action when it is weak by investors in several blue chip stocks that have dropped significantly for short-term trading. The JCI support and resistance area is in the range 5,026-5,172.

This morning, stocks that were among the top gainers included, PT Batulicin Nusantara Maritim Tbk (BESS) rose IDR 52 or 29.21 percent to IDR 230, shares of PT Bank Mandiri (Persero) Tbk (BMRI) rose IDR 275 or 4.18 percent to IDR 6,850, and the shares of PT Bank Negara Indonesia Tbk (BBNI) increased by IDR 200 or 3.54 percent to IDR 5,850.

Meanwhile, among the top losers, PT Diamond Citra Propertindo Tbk (DADA) fell Rp. 16 or 7.48 percent to Rp. 198, shares of PT Sri Rejeki Isman Tbk (SRIL) increased by Rp. 6 or 3.21 percent to Rp. 181, and shares of PT. Jaya Real Property Tbk (JRPT) decreased IDR 8 or 1.86 percent to IDR 422.