Haunted By Some Sentiments, Tuesday's JCI Is Expected To Continue Weakening

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (IHSG) is predicted to continue to weaken in today's trading, Tuesday, March 7, after yesterday closing down 0.10 percent or 6.63 points to a level of 6,807.

Phintraco Sekuritas in its research estimates that the JCI will again fluctuate within the range of 6,800-6,850 on Tuesday.

"The volume of transactions which has tended to fall in the last few days supports the projected continuation of the JCI consolidation phase," explained research by Phintraco Sekuritas.

JCI on Tuesday will move in the support area at 6,780 and resistance at 6,870. The JCI movement was influenced by several external factors, such as market players who responded positively to China's economic growth target of around 5 percent yoy for 2020.

"Market players are also anticipating a potential increase in China's trade balance surplus in February 2023," explained research by Phintraco Sekuritas.

In addition, investors are also focusing on the testimony of the Head of the Fed, Jerome Powell which is scheduled for March 7 and 8, 2023, and anticipating an increase in United States (US) claims for unemployment benefits this week.

"This data strengthens market confidence that the Fed will maintain an increase in the benchmark interest rate by 25 bps," explained research by Phintraco Sekuritas.