JCI Is Predicted To Be Weaker On Wednesday, These Are Recommended Stocks

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to weaken in today's trading, Wednesday, October 26 after yesterday's decline of 0.06 percent to the level of 7,048.38.

Artha Sekuritas Indonesia analyst Dennies Christopher Jordan said that the JCI closed lower yesterday after briefly strengthening at the beginning of the trading session. According to him, the JCI movement was driven by the issuer's work release season in the third quarter of 2022, as well as the Fed's statement that it would not be aggressive in raising interest rates in November 2022.

For today's trading, he said, the JCI movement will be supported by the release season of issuers' financial performance for the third quarter of 2022. In addition, according to him, investors will also pay attention to fluctuations in the rupiah exchange rate.

"The candlestick forms a shooting star with the stochastic forming a dead cross when approaching the overbought area indicating potential weakness," said Dennies in his research.

In today's trading, Dennies predicts JCI will weaken with resistance at 7,093-7,138, and support at 7,017-6,986. Some of the stocks that are recommended are PT Barito Pacific Tbk (BRPT), PT HM Sampoerna Tbk (HMSP), and PT AKR Corpindo TBk (AKRA).