JAKARTA - The Jakarta Composite Index (JCI) opened higher on Thursday, July 23 trading. JCI opened higher by 0.17 percent or 8.63 points to 5,118.82 levels.
Opening trades, 66 stocks rose, 25 stocks fell, and 42 stocks remained stagnant. The trading volume was recorded at 54.55 million shares and was transacted for Rp22.35 billion.
Even though it opened higher, Binaartha Sekuritas analyst M Nafan Aji Gustama estimated that the JCI is expected to continue its downward trend. Based on technical analysis, the index will move between 5,050 and 5,172.
"There is a negative sentiment from the global market movement which is under pressure. This is still overshadowing the JCI movement to date," Nafan said.
He recommended a number of selected stocks today, including PT Summarecon Agung Tbk (SMRA), PT Charoen Pokphand Tbk (CPIN), PT Era Jaya Swasembada Tbk (ERAA), PT Alam Sutra Realty Tbk (ASRI), and PT Wijaya Karya Bangunan Gedung. Tbk (WEGE).
Meanwhile, Reliance Sekuritas Indonesia analyst Lanjar Nafi expressed a different opinion. He considered, technically the JCI tends to move positively.
"We expect the index to consolidate with support and resistance at 5,090-5,180," he said.
He recommended several stocks to be examined technically. The shares include PT Bank Cetral Asia Tbk (BBCA), PT Bank Nasional Indonesia Tbk (BBNI), PT Bank Danamon Tbk (BDMN), PT Bank Mandiri Tbk (BMRI), and PT Perusahaan Gas Negara Tbk (PGAS).
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