JCI Is Projected To Weaken On Wednesday, Driven By Profit Taking

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is projected to weaken in today's trading, Wednesday, August 3, after closing up 0.28 percent yesterday at 6,988.16.

Artha Sekuritas analyst Dennies Christopher Jordan predicts that the JCI will weaken, where support 1 is estimated at 6,929, support 2 at 6,871. The resistance 1 is at the level of 7,018, and resistance 2 is at 7,049.

Technically, continued Dennies, the candlestick formed a lower high and a lower low with Stochastic in the overbought area indicating potential weakness.

"The weakening will be driven by profit-taking. On the other hand, the movement will still be driven by the release season for the first semester of 2022 performance reports," said Dennies.

Meanwhile, Dennies advised investors to pay close attention to the shares of SMRA, MIKA, and TOWR.

For information, the strengthening of the JCI yesterday was accompanied by net buying by foreign investors. Foreign investors recorded a net buy or a net purchase of IDR 892.30 billion in all markets.

The stocks with the largest net foreign purchases were PT Bank Central Asia Tbk (BBCA) of IDR 369.99 billion, PT Bank Rakyat Indonesia Tbk (BBRI) of IDR 352.08 billion, and PT United Tractors Tbk (UNTR) of IDR 98.17 billion.

The stocks with the largest foreign net sales were PT Industri Jamu and Pharmacy Sido Muncul Tbk (SIDO) of IDR 36.81 billion, PT Bukalapak.com Tbk (BUKA) of IDR 35.98 billion, and PT Adaro Energi Tbk (ADRO) of IDR 3315 billion.