Waiting For The Results Of The BI Board Of Governors Meeting, The JCI Will Weak Again?

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is expected to be consolidated on Thursday, February 16, in line with the announcement of the results of the Bank Indonesia (RDG) governorship meeting (RDG) regarding the BI7DRR interest rate and Indonesia's economic projection.

For information, yesterday the JCI closed down 0.39 percent to the level of 6,914.53. The decline in the JCI was mainly due to a weakening of the technology sector index which fell 1.29 percent, followed by the transportation sector weakening 1.25 percent, and finance fell 0.68 percent.

Several sectors that rose were health at 0.30 percent and consumer cyclicals which rose 0.09 percent.

Yugen Bertumbuh Sekuritas CEO William Surya Wijaya said the JCI was influenced by the release of interest rates today, which allegedly has not been changed. The JCI movement pattern is currently seen to be going through a reasonable consolidation range after experiencing a short-term increase in recent times.

A number of economists predict BI will maintain the benchmark interest rate or BI 7-Day Reverse Repo Rate (BI7DRR) at the level of 5.75 percent at the BI RDG in February 2023.

"The movement of the JCI for some time to come will be more consolidative so that the risk of reasonable corrections still needs to be watched out for by investors," he explained in the research publication.

William said that today the JCI has the potential to be depressed in the range of 6,803 - 6,988. The recommendations for its choice are ICBP, BBRI, AALI, ITMG, EXCL, TBIG, LSIP, ASRI.