JAKARTA - The Jakarta Composite Index (JCI) opened in the green zone on September 2 trading. JCI opened higher by 0.32 percent or 16.76 points to a level of 5,327.44.
Opening trades, 51 stocks rose, 30 stocks fell, and 21 stocks remained stagnant. The trading volume was recorded at 83.79 million shares and was transacted for IDR 35.47 billion.
Reliance Sekuritas Indonesia analyst Lanjar Nafi said, JCI is predicted to move back to the green zone as manufacturing activity increases as indicated in the Purchasing Managers Index (PMI).
Indonesia's manufacturing PMI for the August period rose to 50.8, an increase compared to July at 46.9. Indonesia's manufacturing index at the level of 50.8 indicates that the industry is in an expansionary phase as it has exceeded the neutral threshold of 50.0.
This increase in the manufacturing index to the level of 50.0 is the first time since February 2020, or since the COVID-19 pandemic hit the world. The PMI increase is also showing signs of restoring demand as well as helping to reduce the rate of layoffs (layoffs).
"Technically, the JCI has the potential to move up limitedly with support and resistance at the level of 5,200-5,370," said Lanjar in his research.
Selected stocks that can be examined technically include industrial stocks and cigarette issuers such as PT Gudang Garam Tbk (GGRM), PT HM Sampoerna Tbk (HMSP), PT Barito Pacific Tbk (BRPT) and Chandra Asri Tbk (TPIA). Then, there are shares of retail and trading issuers, PT Mitra Adiperkasa Tbk (MAPI). PT Ace Hardware (ACES), PT Adaro Energy Tbk (ADRO), PT AKR Corporindo Tbk (AKRA) and PT Jasa Marga Tbk (JSMR).
Likewise, Binaartha Sekuritas analyst M Nafan Aji also estimates that JCI will move towards the nearest resistance. The support level is at 5,172 and resistance is at 5,380.
"This indicates the potential for further strengthening in the JCI movement so that it has the opportunity to go to the nearest resistance," he said.
A number of shares that he recommended to investors include shares of PT Jasa Marga Tbk (JSMR), PT Indofood CBP Sukses Makmur Tbk (ICBP), PT Waskita Beton Precast Tbk (WSBP), and PT Tower Bersama Infrastructure Tbk (TBIG).
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