The JCI is Predicted to Weaker on Monday, Awaiting the Release of Indonesia's Trade Balance Data

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Jakarta Composite Index (JCI) is expected to decline again today, Monday, October 17, amid heavy foreign selling last week. Today's JCI is expected to be influenced by Blibli's IPO sentiment and the release of trade balance data.

Foreign investors on Friday, October 14 recorded a net selling value of IDR 426.29 billion. Throughout 2022, foreign investors recorded a net purchase of IDR 71.72 trillion.

Based on data from Bank Indonesia (BI), non-resident or foreign investors recorded a net sell of IDR 3.43 trillion in the domestic government securities (SBN) market and a net sell of IDR 790 billion in the stock market in the period 10-13 October 2022.

CEO of Yugen Bertumbuh Sekuritas William Surya Wijaya said that the pressure wave in the JCI movement pattern was still quite large. This is accompanied by the recorded wave of capital outflows that occurred during the past week and the weakening of the rupiah exchange rate.

"Ahead of the release of economic data on the trade balance today, which is allegedly still in a stable condition, will also color the JCI movement," he said in his research.

According to him, the JCI still has the potential to rise in the medium-long term, so investors can take advantage of the momentum of pressure to make accumulated purchases for stocks with strong fundamentals and high liquidity.

Today, the JCI has the potential to consolidate within the range of 6.789 - 6.945. The recommended stocks of choice are BBCA, ASII, INDF, JSMR, AKRA, SMRA, TBIG, LSIP.

Earlier at the end of trading last Friday, the JCI parked at 6.814.53 or fell 0.96 percent. While in trading for a week, October 10 to 14, 2022, the JCI fell 3.02 percent.

The market capitalization was recorded at IDR 224.73 trillion, down 2.43 percent to IDR 9.009.95 trillion from IDR 9.234.68 trillion in the previous week.