JCI On Wednesday Opened Up 0.37 Percent To 4,923.58 Levels

Indonesia Stock Exchange Building. (Angga Nugraha / VOI)

JAKARTA - The Jakarta Composite Index (JCI) opened higher on Wednesday, July 1 trading. JCI opened higher by 0.37 percent or 18.19 points to the level of 4,923.58.

Opening the trade, 125 stocks rose, 38 stocks fell, and 106 stocks remained stagnant. The trading volume was recorded at 74.71 million shares and was transacted for IDR 60.72 billion.

Reliance Sekuritas Indonesia analyst Lanjar Nafi predicted that today's index will move back in the green zone to continue the medium-term trend. Based on technical analysis, the index will be in the support and resistance area at the levels of 4,879 - 5,000.

"Domestically, the inflation rate will also enliven the economic data which will be the next sentiment," said Lanjar in his research.

The Central Bureau of Statistics will announce economic data today at 11.00 WIB. In the previous month or May 2020, BPS noted that inflation only reached 0.07 percent.

This figure is the lowest inflation since 1978, although it coincides with the Ramadan and Eid periods. Low inflation during this period occurred as demand weakened due to the COVID-19 pandemic.

Not only that, inflation in May was also far below inflation for the Ramadan and Lebaran last year which fell in June of 0.55 percent.

For the June 2020 period, Bank Indonesia estimates the consumer price index in June to decline or deflation. This is due to falling prices for a number of commodities, including garlic and gold. With these various sentiments, JCI is expected to advance in the positive zone.

As for a number of shares that Lanjar recommends to investors in today's trade, including PT Ace Hardware Indonesia Tbk (ACES), PT AKR Corporindo Tbk (AKRA). Then, PT Aneka Tambang (Persero) Tbk (ANTM), PT Gudang Garam Tbk (GGRM), and PT Hanjaya Mandala Sampoerna Tbk (HMSP), PT Semen Indonesia (Persero) Tbk (SMGR), PT Chandra Asri Petrochemical Tbk (TPIA) , PT Unilever Indonesia Tbk (UNVR).

Likewise, Binaartha Sekuritas analyst M. Nafan Aji Gusta Utama also believes that the JCI today has the potential to strengthen again to the resistance area. Based on technical analysis, the index resistance area is at the level between 4975 and 5097. While the support area today is at the level of 4,865 to 4,778.

The stocks he recommended were considered by investors, including PT Bank Tabungan Negara (Persero) Tbk (BBTN), PT Ciputra Development Tbk (CTRA), PT Erajaya Swasembada Tbk (ERAA) and PT Surya Citra Media Tbk (SCMA).