JCI Monday Has Potential To Turn Higher After Last Weekend Was Pressured By The Increase In Benchmark Interest Rate

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) has the potential to strengthen in today's trading, Monday, September 26, after the weekend was depressed by the increase in the benchmark interest rate.

JCI closed at 7,178.58 or fell 0.56 percent last Friday, September 23, after facing the sentiment of increasing interest rates from Bank Indonesia BI7DRR and the Fed.

CEO of Yugen Bertumbuh Sekuritas, William Surya Wijaya, said that starting trading in the last week of the ninth month of 2022, the JCI still has not shown great upward strength.

"On the other hand, the lack of sentiment is also one of the factors that are less able to boost the JCI movement," William said in a research publication.

In the long term, the JCI is still in an uptrend, so investors can still take advantage of opportunities for correction to make accumulated purchases. Today, the JCI has the potential to strengthen within the range of 7,123 - 7,273. The stock recommendations are TBIG, HMSP, UNVR, ASRI, PWON, JSMR, BBCA, BINA, GGRM.

Meanwhile, Artha Sekuritas analyst Dennies Christopher Jordan in his research explained that the JCI closed lower at the weekend following the weakening of global stock markets after the Fed's 75 bps increase in interest rates and a 50 bps rise in BI interest rates.

"This encourages the potential for economic growth to be lower than before," he explained.

Dennis predicts the JCI will strengthen in today's trading. Technically, the candlestick formed a bearish harami formation and was stuck at the resistance of MA 5 and MA 20 indicating potential weakness.

"Movement will be limited at the beginning of the week as the stochastic is starting to approach the oversold area," said Dennies.

Furthermore, Dennies estimates that JCI will move at support levels of 7,141 and 7,158 and resistance at 7,205 and 7,235. The stocks that Dennies recommends for trading today are WIIM, RALS, and ADRO.