JCI Monday Projected Strong Supported By Several Domestic And Foreign Sentiments

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index is predicted to strengthen on Monday, February 27, after last weekend's rise of 0.25 percent or 17,122 points to the level of 6,856.576. A number of sentiments are believed to be driving the JCI today.

Phintraco Sekuritas in his research said that in domestic sentiment, market participants anticipate the release of inflation data and the Indonesian manufacturing index for the period February 2023.

A number of bluechip issuers are also scheduled to release financial performance next week, including PT Sarana Menara Nusantara Tbk (TOWR), PT Timah Tbk (TINS), PT Astra International Tbk (ASII), PT United Tractors Tbk (UNTR), and PT Japfa Confed Indonesia Tbk (JPFA).

"The 2022 financial performance of issuers on the IDX is still considered to be the main sentiment that affects the JCI movement," explained the research of Phintraco Sekuritas.

While the sentiment from external, the expectations of the return of China's manufacturing index to an expansive limit, namely at number 50 in February 2023, are estimated to determine the JCI movement.

Technically, the JCI formed an inverted dragonfly doji pattern along with Friday fluctuations. With this movement, the JCI is expected to fluctuate in the MA20 and MA50 ranges at 6,830 and 6,900 on Monday.

JCI will be traded with a support range of 6,820 and resistance of 6,940. The choice of Phintraco Sekuritas shares for trading this Monday includes ASII, UNTR, PT AKR Corporindo Tbk (AKRA), PT Bukalapak.com Tbk (BUKA), PT Medco Energi Internasional Tbk (MEDC), PT Surya Citra Media Tbk (SCMA), PT Tower Bersama Infrastructure Tbk (TBIG) and opportunities to buy on wealth of banking shares such as PT Bank Negara Indonesia Tbk (BBNI), PT Bank Rakyat Indonesia Tbk (BBRI), PT Bank Tabungan Negara Tbk (BBTN), and PT Bank Syariah Indonesia Tbk (BRIS).