After “Long Weekend”, JCI immediately steps on the gas

JAKARTA, KOMPAS.com – Price Index Share combined (IHSG) immediately stepped on the gas approaching the psychological level of 7,000, at the beginning of trading on the Indonesia Stock Exchange (IDX) Tuesday (1/3/2022). Likewise, the Garuda currency strengthened in spot market trading.

According to RTI data, at 09.08 WIB, the JCI was at the level of 6,969.41 or up 81.24 points (1.18 percent) compared to the previous close at the level of 6,888.17.

A total of 300 share drove in the green and 119 stocks in the red. Meanwhile, 155 other stocks were stagnant. The transaction value to date has reached Rp 2.27 trillion with a volume of 2.3 billion shares.

Also read: JCI Still Continues to Increase? Check out Today’s Stock Recommendations

Asian stocks were mostly green with the Nikkei 1.6 percent, the Shanghai Composite 0.43 percent, and the Strait Times 1.13 percent. Meanwhile, Hong Kong’s Hang Seng was down 0.27 percent.

Previously, Research Analyst Artha Sekuritas Indonesia Dennies Christopher said, technically, the JCI candlestick formed a bullish harami formation which indicated a potential strengthening.

“The movement will still be overshadowed by the tensions of the Russia-Ukraine war. On the other hand, rising commodity prices will still boost the strengthening of the stock market. The increase in domestic Covid-19 cases is also still a concern for investors,” said Dennies in his recommendation.

Rupiah strengthen

As for the exchange rate rupiah to dollar AS in the spot market this morning also strengthened.

According to Bloomberg data, at 09.05 WIB, the rupiah moved to the level of Rp. 14,360 per US dollar, or up 21 points (0.15 percent) compared to the previous closing at Rp. 14,381 per US dollar.

Money market observer Ariston Tjendra said that although the rupiah strengthened this morning, concerns about the war between Ukraine and Russia over the economic recovery could put pressure on the rupiah. If there is a war, it is feared that it will have a negative impact on the global economy.

“The rupiah exchange rate is still likely to weaken today against the US dollar, although market sentiment is already looking more positive towards risky assets. But the market is still worried about the negative impact of the war in Ukraine on the economy,” Ariston told Kompas.com.

Ariston predicts that today’s rupiah will move in the range of Rp. 14,400 per US dollar to Rp. 14,350 per US dollar.

Also read: JCI Slightly Decreased 0.07 Percent in a Week, Market Capitalization Soared to IDR 8,689 Trillion

Disclaimer: This article is not meant to buy or sell shares. All stock recommendations and analysis come from analysts from the securities concerned, and Kompas.com is not responsible for any resulting gains or losses. Investment decisions are in the hands of investors. Study carefully before buying/selling shares.

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