JAKARTA - The movement of the Composite Stock Price Index (JCI) still has the potential to weaken in today's trading, Friday, March 16, after yesterday dropping 62.41 points (0.94 percent) to the level of 6,565.73.
Phintraco Sekuritas in his research predicts the JCI could rebound to around 6,600-6,650 today. However, on Thursday, the JCI formed a three black candles in conjunction with last Thursday's weakening.
Technically, this pattern is generally followed by a technical rebound. Thus, the JCI today has the opportunity to rebound to the range of 6,600-6,650.
"However, for some time to come, market participants still need to be aware of the potential bearish continuation," wrote Phintraco Sekuritas.
According to Phintraco Sekuritas, the alertness of stakeholders in the US and Europe to prevent the spread of financial sector instability is appreciated by the market. Although the uncertainty regarding the direction of monetary policy of the Fed still overshadows the investment decision of the majority of market players. For information, the closest FOMC is scheduled for March 22, 2023.
In the midst of this uncertainty, RDG Bank Indonesia (BI) decided to maintain the benchmark interest rate at 5.75 percent. This triggered the weakening of the Rupiah exchange rate by 0.07 percent to Rp15,371 per US dollar on Thursday afternoon.
"Thus, defensive and consumer-related stocks are still our choice for now, including INDF, ICBP, SIDO, MAPI, TLKM and ASII," concluded Phintraco Sekuritas.
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