JCI Is Predicted To Be Weaker On Monday As Global Stock Pressures

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (CSPI) is predicted to weaken today, Monday, November 7 amid pressure from global markets.

Yugen Bersinar Sekuritas CEO William Surya Wijaya said the JCI could be supported by the release of the Central Statistics Agency regarding the economic growth performance in the third quarter of 2022.

He predicts, JCI is predicted to move in the range of 6,954 to 7,172.

"The JCI is still supported by capital inflows that are still seen continuing into the Indonesian capital market, today the JCI has the potential to weaken," he said in a research publication.

Based on data from the Indonesia Stock Exchange on Friday last week, the JCI experienced a 0.15 percent change or dropped to 7045.52 from 7,056.040 at the close of the previous week. As a result, the market capitalization of the IDX fell 0.27 percent to IDR 9,342,695 trillion from IDR 9,368,322 trillion.

Along with the prediction of the JCI weakening, William recommended several stocks such as PT Unilever Indonesia Tbk (UNVR), PT Bank Central Asia Tbk (BBCA), PT Kalbe Farma Tbk (KLBF), PT Wijaya Karya Beton Tbk (WTON), and PT Agung Podomoro. Land (APLN).

Furthermore, PT Ciputra Development Tbk (CTRA), PT Summarecon Agung Tbk (SMRA), PT Alam Sutra Realty Tbk (ASRI), and PT Pakuwon Jati Tbk (PWON).

Meanwhile, the Central Statistics Agency (BPS) will announce economic growth data for the third quarter of 2022 today. Executive Director of the Center of Reform on Economics (CORE) Indonesia Mohammad Faisal estimates that Indonesia's economic growth in the third quarter of 2022 will reach above 5 percent.

"This high optimism is mainly supported by the strengthening of household consumption and export performance which remains high," he said.