JAKARTA - The movement of the Composite Stock Price Index (IHSG) closed slightly lower by 0.05 percent or 3.674 points to a level of 6.805.277 on Friday last weekend. Analysts predict that the JCI will strengthen limitedly today, Monday, April 3.
Phintraco Sekuritas in its research assesses that JCI fluctuations are expected to continue on Monday with the support area at 6.780 and resistance at 6.850.
The overbought signal on the stochastic RSI indicator makes the JCI still prone to correction for some time to come, including on Monday. MACD is also starting to form a narrowing positive slope. A break of 6.780 indicates the potential to close the gap to 6.750-6.760.
"Apart from technical factors, sentiment is actually quite positive for Indonesia," explained Phintraco Sekuritas' research.
One of them came from the World Bank which raised its 2023 economic growth projection for the East Asia and Pacific region to 5.1 percent from 4.6 percent in the October 2022 projection.
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Meanwhile from within the country, the strengthening of the rupiah exchange rate also continued. The rupiah exchange rate managed to strengthen and fall below the psychological level of IDR 15.000 on Friday. This condition supported the prices of banking stocks, which on the other hand were still overshadowed by recent developments in the global banking sector.
The stocks recommended by Phintraco Sekuritas earlier this week were BBRI, BBNI, BMRI, DEWI, DSNG, BSDE and MMIX.
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