Down 0.92% on Friday (1/10), this is the JCI projection for next week

Reporter: Nur Qolbi | Editor: Khomarul Hidayat

KONTAN.CO.ID – JAKARTA. The Composite Stock Price Index (JCI) fell this weekend. JCI weakened 0.92% to 6,228.85 on Friday (1/10). A total of 203 stocks recorded a price increase, then 303 stocks fell, and 151 stocks were stagnant.

In fact, in trading the previous day, the JCI rose 2.02% to close at 6,286.94. Meanwhile, in a week, the JCI was still recorded to have increased by 1.37% compared to the position at the end of last week’s trading at the level of 6,144.82.

Artha Sekuritas analyst Dennies Christopher Jordan assessed that the decline in the JCI was caused by external sentiment. “Movements are still overshadowed by global concerns regarding the US government’s budget, policy tapering off, and the inflation rate,” said Dennies when contacted by Kontan.co.id, Friday (1/10).

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Meanwhile for the movement of the week, Phintraco Sekuritas analyst Valdy Kurniawan said, the main catalyst for the JCI increase was the significant strengthening of commodity prices, especially energy commodities such as crude palm oil (CPO) and coal. Thus, stocks related to these two commodities also rose significantly this week.

For example, the shares of PT Astra Agro Lestari Tbk (AALI) rose 19.05% in a week, then PT PP London Sumatra Indonesia Tbk (LSIP) increased 22.54%, PT Adaro Energy Tbk (ADRO) moved positively 18.67%, and PT Indika Energy Tbk (INDY) rose 27.36%.

In addition to commodity stocks, Valdy saw that bank stocks, especially those with large capital, had also become JCI movers this week, before the profit-taking on Friday (1/10). “One of the drivers is the easing rally strengthening yield United States government bonds have a tenor of 10 years,” said Valdy.

For next week’s trading, Dennies estimates that concerns over the government budget, tapering, and inflation in the United States will still be a negative sentiment that overshadows the JCI. The movement at the beginning of the week is expected to be minimal in sentiment.

For Monday (4/10), Dennies predicts JCI will weaken with immediate support at 6,194 and resistance at 6,268. Valdy also sees a potential weakness at the beginning of next week with support at 6180 and resistance at 6250.