JCI Tuesday Potentially Continue Strengthening, These Are A Number Of Drivers

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) has the potential to continue its strengthening trend in today's trading, Tuesday, September 13, driven by a number of positive sentiments.

Yesterday, the JCI recorded a gain of 0.16 percent or 11.81 points to the position of 7.254.46 with foreign investors posting a net purchase of IDR 829.54 billion in all markets.

The energy and property sectors were the main drivers of the JCI increase yesterday, with an increase of 1.81 percent and 1.50 percent, respectively. Meanwhile, the health sector rose 1.17 percent and technology rose 0.74 percent.

Some of the lower sectors include the transportation sector falling 0.97 percent, infrastructure falling 0.59 percent, and finance 0.34 percent.

MNC Asset Management Director Edwin Sebayang said the catalyst came from the continued strengthening of the Dow Jones index by 0.71 percent and EIDO by 0.90 percent.

The prices of several commodities were also observed to be higher, such as oil at 2.32 percent, gold at 0.48 percent, CPO at 2.25 percent, nickel at 6.08 percent, and tin at 1.50 percent.

"JCI is estimated to move in the range of 7,222 to 7,307, while the rupiah exchange rate against the US dollar is in the range of 14,800-14,900," said Edwin in daily research.

The stocks recommended by Edwin to be traded today include INCO, BMRI, ADRO, ASII, ANTM, ELSA, MDKA, MEDC, MAPI, PGAS, and CTRA.

Meanwhile, Associate Director of Research and Investment of Pilarmas Investindo Sekuritas Maximilianus Nico Demus explained that based on technical analysis, the JCI today has the potential to strengthen in the range of 7,2007,310.

He explained that one of the economic sentiments highlighted by investors was the development of the electric vehicle industry. Previously, the Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan revealed that the government is currently working on policies to continue to encourage the electric vehicle industry.

Thus, according to Nico, not only incentives are being formulated to accelerate domestic electric vehicle adoption, but also the latest policy being discussed, namely limiting vehicle sales with fossil fuels.

Today, Pilarmas Sekuritas recommends HRUM shares with support and resistance of 1,770-1,920, PGAS shares at 1,835-1,915, and ANTM shares at 1,920-2,085.