JCI Thursday Prone To Weakening

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to be prone to limited corrections in today's trading, Wednesday, September 14 after yesterday successfully strengthening significantly through the all-time high.

JCI yesterday, closed higher by 63 points or 0.88 percent to the level of 7,318. The sectors of transportation and logistics, finance, industrials, properties & real estate, energy, health, consumer non-cyclicals, and infrastructure moved positively and dominated the increase in the JCI.

The stock market capitalization value shot up to IDR 9,554 trillion and foreign investors recorded a net purchase of IDR 1.42 trillion in all markets.

Associate Director of Research and Investment Pilarmas Investindo Sekuritas Maximilianus Nico Demus explained, based on technical analysis, the JCI has the potential to weaken in the range of 7,236-7,362 today. The sentiment that dominates the majority comes from abroad.

“Finally, America's inflation for August on a year-on-year basis decreased from the previous 8.5 percent to 8.3 percent. Many projections say that inflation will fall to 8.1 percent. But apparently, inflation refuses to give in under the control of the Fed," he explained in the research.

According to him, after the inflation data was released, the question arose again whether the Fed should pull the brake lever harder.

“The answer is of course the Fed has to do more. Just like what Jerome Powell said in Jackson Hole,” explained Nico.

Today, Pilarmas Sekuritas recommends BBTN stocks with support and resistance targets at 1,510-1,590, AALI shares at 9,075-9,500, and MDKA shares at 4,290-4,460.