ILLUSTRATION. Workers clean the floor in front of a monitor that displays the movement of the stock price index on the Indonesia Stock Exchange, Jakarta, Tuesday (7/12/2021). BETWEEN PHOTOS/Hafidz Mubarak A/wsj.
Reporter: Kenia Intan | Editor: Tendi Mahadi
KONTAN.CO.ID – JAKARTA. Composite Stock Price Index (IHSG) closed in the green zone in last week’s trading, Friday (10/12). JCI rose 0.14% or 8.99 points to 6,652.92.
Citing the records of the Indonesia Stock Exchange (BEI), the majority of sectors in the stock exchange turned green yesterday Friday. The most significant gain was experienced by the non-primary consumer goods sector up to 2.17%. After that, there was the transportation and logistics sector which rose 1.59%, and the energy sector which increased 0.87%.
Phintraco Sekuritas analyst Valdy Kurniawan said that the JCI, which finally closed higher after almost a day of moving in a negative area, indicated the anticipation of market participants for an increase in United States (US) inflation to the level of 6.80% yoy in November 2021.
The data reinforces confidence in the Fed’s aggressive monetary policy tightening. Just so you know, the Fed is scheduled to discuss this at the FOMC on December 14-15, 2021.
Also Read: JCI rose 1.75% in a week, market capitalization rose 2.97%
In the midst of these issues, the weakening of the rupiah exchange rate tends to be limited, namely 0.14% to the level of Rp. 14,370 per US dollar on Friday afternoon. The rupiah exchange rate was supported by positive domestic data. Latest, there is an increase retail sales by 6.50% yoy in October 2021.
Previously, consumer confidence index rose to 118.5 in November 2021 from 113.4 in October 2021. These data increase the optimism of market participants towards outlook Indonesian economy.
“Therefore, the pressure on Friday is expected to be temporary. JCI has the opportunity to strengthen to the range of 6,660-6,680 in Monday’s trading,” he explained in research received by Kontan.co.id, Friday (10/12).
Further expressed, technically there is a widening positive slope on the Stochastic RSI and MACD. JCI is projected to have a level support at 6,580 dan resistance of 6,680.
Considering these conditions, Valdy advised investors to pay close attention to stocks related to public consumption, especially ASII, TLKM, TOWR, UNVR, and INDF. The banking stocks such as BBCA can also be considered.
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