JAKARTA - The Jakarta Composite Index (JCI) opened in the red zone on Wednesday July 29 trading. JCI opened lower by 0.12 percent or 6.17 points to 5,106.82.
Opening trades, 25 stocks rose, 28 stocks fell, and 20 stocks remained unchanged. The trading volume was recorded at 25.12 million shares and traded for Rp. 11.08 billion.
Reliance Sekuritas Indonesia analyst Lanjar Nafi revealed that the JCI today will indeed continue its weakening trend. Technically, the index will move between 5.056 and 5.158.
"There is a sentiment that investors will await the outcome of the Fed meeting to see the possibility of providing further stimulus to combat the health crisis caused by the corona virus," said Lanjar.
Investors are known to be waiting and see waiting for the Fed's interest rate extension policy, after the central bank extended seven of the nine emergency loan programs by the end of the year.
On the other hand, the Senate of the US Republican Party has presented a proposal for coronavirus assistance worth US $ 1 trillion before unemployment benefits expire on Friday, July 31. Aid is urgently needed as 30 million Americans have lost their jobs and many countries have again tightened social restrictions.
Lanjar also recommended a number of selected stocks for investors to observe. The shares include PT Adaro Energy Tbk (ADRO), PT Bank Jabar Tbk (BJBR), PT HM Sampoerna Tbk (HMSP), PT Bank Mandiri Tbk (BMRI), and PT Telkom Indoneia Tbk (TLKM).
However, a different opinion was expressed by the analyst of PT Binaartha Sekuritas, M. Nafan Aji Gusta Utama. According to him, technically there is potential for strengthening in the JCI movement.
"So that the index has the opportunity to go to the closest resistance level," Nafan said.
Currently, he said, the JCI movement is trying to maintain the support level at 4,975, while the closest resistance target to be reached is at 5,172 levels.
Thus, he explained, the potential for a strong reversal in the JCI rate today could be addressed by market players by buying shares of PT Bumi Serpong Damai Tbk (BSDE), PT Indofood Sukses Makmur Tbk (INDF), PT Matahari Department Store Tbk (LPPF), PT Bukit Asam (Persero) Tbk (PTBA), and PT Waskita Karya (Persero) Tbk (WSKT).
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