JCI Is Predicted To Reach The 7000 Level Again Today

Illustration. (Photo: Unsplash)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is expected to continue in the consolidation range in today's trading, Friday, March 18 after closing down 0.40 percent or 28.01 points to 6,964.38.

Yesterday, 274 stocks rose, 250 stocks fell and 155 stocks stagnated. JCI had touched the highest level of 7,032.70, and the lowest level of 6,949.16.

Foreign investors were observed to have recorded a net foreign buy of IDR 691.05 billion. Shares of PT Bank Rakyat Indonesia Tbk. (BBRI) became the most bought up by foreigners at IDR409.3 billion and shares of PT Elang Mahkota Teknologi Tbk. (EMTK) was purchased by foreigners for IDR 92.3 billion.

Indosurya Bersinar Sekuritas CEO William Surya Wijaya said that after the JCI managed to record an all-time high or ATH intraday, the index seems to have returned to its normal consolidation range. Until now, the seriousness of the JCI increase has not been seen because the index has not been able to close above ATH in a row.

"Meanwhile, the potential for a reversal is still quite large due to the lack of sentiment, so that if there is a reasonable correction, investors can still use the momentum to make accumulated purchases with short-term targets," William said in his research.

For today's trading, William estimates the JCI will move in the range of 6,823-7,022. The stocks that he recommends include PT Semen Indonesia Tbk (SMGR), PT Gudang Garam Tbk (GGRM), and PT Jasa Marga Tbk (JSMR).