JCI Is Projected To Stay At The 7,000s Level

JAKARTA - The Composite Stock Price Index (JCI) is predicted to move in the range of 6,930 to 7,000 in today's trading, Friday, November 24, after yesterday's 1.41 percent jump to the level of 7,004.

Throughout trading, the index is moving at the level of 6,926 to 7,018. There are 315 stocks that have strengthened, 226 stocks have weakened and 215 stocks are stagnant.

Market capitalization was recorded at IDR 11,098.70 trillion. Head of Research Phintraco Sekuritas Valdy Kurniawan explained that JCI Juma has the potential for consolidation in the range of 6,930-7,000.

"Technically, there is positive slope widening in MACD and Stochastic RSI has dropped from the overbought area," he said in daily research.

Valdy said the JCI movement would be influenced by external and internal sentiment. From external, U.S.'s continued workless claim data fell to 1.84 million for the week ending November 11 from the previous 1.86 million.

This amount of unemployment data shows that the condition of the labor sector in the US is relatively stable. This condition does not affect the possibility of the Fed holding the benchmark interest rate in December.

Meanwhile, domestically, BI decided to maintain the benchmark interest rate at the level of 6 percent and this was in accordance with market participants' expectations. Previously, at the RDG last month, the Central Bank had raised interest rates by 25 basis points (bps) from 5.75 percent to 6 percent.

This decision is a form of BI's efforts to control the rupiah exchange rate from the impact of increasing global uncertainty and in line with the Fed's attitude of not considering cutting the benchmark interest rate in the near future.

In line with that, Valdy recommended several stocks for today's trading, namely BBRI, MNCN, SCMA, AKRA, MAPI, BDMN and ASSA.