This Is The JCI Projection On Wednesday Ahead Of Bank Indonesia's RDG

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is projected to weaken in today's trading, Wednesday, June 21, after closing down 25.60 points or 0.38 percent to 6,660.45 yesterday.

Phintraco Sekuritas in his research said that the weakening of the JCI yesterday was due to market anticipation sentiment regarding the BI Board of Governors Meeting (RDG) on June 21-22, 2023.

RDG BI is estimated to again maintain the benchmark interest rate at the level of 5.75 percent. However, the market needs to pay close attention to BI's view of the potential fluctuations in the rupiah exchange rate in the short term and its effect on BI's monetary policy direction in 2023.

Another factor that might affect the BI RDG is the latest clue regarding the Fed Rate increase in 2023.

"The Fed's latest clue is that the Fed Rate's rise may be only 2 more times in 2023, following the assumption of a decline in US inflation to 3.3 percent yoy in 2023," explains research by Phintraco Sekuritas.

JCI is estimated to tend to resistance area tests at 6,600-6,630 on Wednesday's trading. Technically, MACD forms a death cross supported by negative slope widening at Stochastic RSI.

"The projection is still based on the tendency to wait and see market players ahead of the BI RDG on June 22, 2023," he said.

According to research by Phintraco Sekuritas, it can observe opportunities for buy on support in ACES, AMRT, and MAPI in trading last Wednesday, potential continued rebounds in BTPS and BBNI. WIFI and GGRM also have the potential to bullish continuation on Wednesday's trading.