JAKARTA - The movement of the Composite Stock Price Index (JCI) has the potential to strengthen in today's trading, Monday, March 20, after last weekend's decline of 0.94 percent or 624 points to the level of 6,565.72.
Phintraco Sekuritas in his research reminded to be aware of the potential for JCI fluctuations in the range of 6,600-6,750 on Monday. JCI today is expected to move resistance at 6,750, pivot 6,660, support at 6,600.
Phintraco Sekuritas said the high volatility index-index on Wall Street continued on Friday 17 March. The financial sector was again a burden on Wall Street after news of a bank consortium in the US planning to help liquidity First Republic Bank on Thursday 16 March.
"The impact of market participants' concerns about the condition of the financial sector in the US is still quite large even though regulators in the US have also taken a number of steps to maintain financial sector stability in the US," wrote Phintraco Sekuritas.
The external sentiment above has the potential to change the direction of the JCI movement, especially at the beginning of the week. Although technically, the JCI has the opportunity to continue rebounding, market players should remain aware of the potential for JCI fluctuations in the range of 6,600-6,750.
Phintraco Sekuritas explained that the price of energy stocks, especially coal producers, has the potential to continue the rebound. This was triggered by expectations of normalization of commodity prices following a meeting between Saudi Arabia and Russia last March 16.
Shares in this sector that can be considered include ADRO, PTBA, ITMG, HRUM and UNTR," wrote Phintraco Sekuritas.
In addition, Phintraco Sekuritas explained, the decision of the RDG BI to maintain the benchmark interest rate at 5.75 percent seems to build confidence that the FOMC March 22, 2023 will also maintain the benchmark interest rate at 4.75%.
"Thus, in addition to coal producers, the potential for further rebounds in a number of bank shares, such as BBRI, BMRI, BRIS, BBTN and BBYB, can also be considered," concluded Phintraco Sekuritas.
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