JAKARTA - The movement of the Jakarta Composite Index is expected to weaken in today's trading, Wednesday, March 8, after dropping 40.24 points or 0.59 percent yesterday to a level of 6,766.76.
Phintraco Sekuritas predicts that the JCI will continue to weaken today and is expected to trade at resistance 6,820, pivot 6,750, and support 6,700.
"Beware of the psychological level of 6,700, if the JCI breaks 6,750. The testimony of the Head of the Fed, Jerome Powell, who turned out to be more aggressive than market estimates, is expected to be the main factor that put pressure on the JCI," wrote Phintraco Sekuritas in his research.
According to Phintraco Sekuritas, Powell's instructions are expected to encourage Bank Indonesia (BI) to raise the benchmark interest rate again in March 2023 with a value greater than 25 bps. This is because domestic inflation also tends to be higher in January 2023 and February 2023.
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"For information, the Fed's meeting is scheduled for March 22, 2023, while the BI RDG is scheduled for March 15-16 2023," added Phintraco Sekuritas.
Taking into account the sentiments above, Phintraco Sekuritas recommends, for now, defensive stocks to be the top choice, especially those in the oversold area. These shares are TLKM, EXCL, ISAT, INDF, ICBP, SIDO and MYOR.
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