JCI Ahead Of Eid Al-Adha Holiday Was Opened Slightly Lower 0.05 Poim To 5,111.06 Level

Indonesia Stock Exchange Building. (Angga Nugraha / VOI)

JAKARTA - The Jakarta Composite Index (JCI) opened lower in trading before the long holiday weekend. The JCI on Thursday, July 30, was closed down 0.05 points to the level of 5,111.06.

Opening trades, 30 stocks rose, 13 stocks fell, and 31 stocks were stagnant. The trading volume was recorded at 42.36 million shares and was transacted for IDR 25.99 billion

Reliance Sekuritas Indonesia analyst Lanjar Nafi said that today the JCI will indeed be corrected in the short term. Based on his analysis, JCI at the weekend moved in the support and resistance range in the range of 5,065 to 5,150.

"Furthermore, the sentiment at the weekend will determine the movement of global equities which is overshadowed by profit taking after strengthening which tends to be optimistic," he said.

Based on this sentiment, he also recommended a number of shares that investors could look out for, such as shares of PT Adaro Energy Tbk (ADRO), PT HM Sampoerna Tbk (HMSP), PT Gudang Garam Tbk (GGRM), PT Astra International Tbk (AALI), PT Jasa Marga Tbk (JSMR), and PT Semen Indonesia Tbk (SMGR).

Some analysts estimate that the JCI rate this weekend will be weighed down by a lot of negative sentiment from within the country. One of them is macroeconomic data which is predicted to be negative.

Several parties previously predicted that domestic economic growth would contract in the second quarter or continue the pressure in the previous quarter. This is inseparable from the impact of the corona pandemic and massive social restrictions at the regional level to control COVID-19.

Minister of Finance Sri Mulyani previously even predicted that economic growth in the first semester of 2020 could reach minus 0.4 percent to 1.1 percent.

Another negative sentiment that will put pressure on the JCI today is the release of issuers' financial performance which is predicted to be dominated by a decline during the second quarter. As a result, today's trading risks tinged with profit taking by investors.