Jakarta, CNBC Indonesia – Composite Stock Price Index (IHSG) In the first trading session, Friday (14/8/20) closed in the red zone with a slight drop of 0.02% at the level of 5,238.35.
Trade data noted that foreign investors did net selling of Rp 283 billion in the regular market today with today’s transaction value of Rp 4.4 trillion.
The shares that are most sold by foreigners today are PT Smartfren Telecom Tbk (FREN) with net sales of Rp 53 billion and PT Bank Mandiri Tbk (BMRI) which listed net sell amounting to Rp. 32 billion.
Meanwhile, the stocks most collected by foreigners today are PT Bank Central Asia Tbk (BBCA) with a net purchase of IDR 40 billion and PT Bank Rakyat Indonesia Tbk (BBRI) which listed net buy amounting to Rp. 8 billion.
Today’s negative trade sentiment came from the DKI Jakarta Provincial Government, which again extended the PSBB for the next two weeks until 27 August. This was decided again because new cases of infection in the capital are still increasing.
“Taking all conditions into account, after we consulted with health experts, especially epidemiologists, and coordinated with Forkopimda ranks this afternoon, we decided to extend the Transitional Period PSBB in this first phase for the fourth time until 27 August 2020,” said the Governor of DKI Jakarta. Anies Baswedan in his statement Thursday (13/8/2020).
Anies explained that the number of confirmed positive cases increased by 621 new cases, bringing the total accumulation of positive cases in DKI Jakarta to 27,863. Cases that are still increasing on a national scale, especially in DKI Jakarta, are increasingly making the country’s economic prospects full of uncertainty going forward.
Later this afternoon, President Joko Widodo (Jokowi) will present the 2021 State Budget Draft (RAPBN) and Financial Notes to the DPR. Investors certainly want to know the direction of fiscal policy next year. Is it still expansive like 2020, or is there starting to consolidate?
Meanwhile, the majority of stock exchanges in Asia were observed to vary, the Hang Seng Index in Hong Kong fell 0.19%, the Nikkei in Japan appreciated 0.19%, while the SSE Index in China fell 0.16%.
Technical Analysis
JCI movement using the hourly period (hourly) of the Boillinger Band (BB) indicator through the upper limit area method (resistance) and lower limit (support). Currently, the JCI is close to the upper limit area, so further movement in the JCI has the potential for correction.
To change the bias to bullish or reinforcement, it is necessary to pass the level resistance which is in the area of 5,253. Meanwhile, to continue the trend bearish or decline needs to pass the level support which is in the area of 5,218.
The Relative Strength Index (RSI) indicator is a momentum indicator that compares the amount of increase and decrease in the current price in a period of time and serves to detect overbought conditions (overbought) above the 70-80 level and oversold (oversold) below level 30-20.
Currently the RSI is in the 69 area, near the number 70 which indicates an overbought indicator and usually indicates that the JCI will tend to depreciate.
Meanwhile, the Convergent Divergent Moving Average (MACD) indicator which uses moving averages to determine momentum, with MA lines trying to intersect in negative territory, then the JCI is likely to appreciate.
Overall, through a technical approach with BB indicators located in the upper boundary area, further movement tends to bearish or corrected. This is also confirmed by the appearance of the MACD indicator which is in the negative zone and RSI which has indicated that it is overbought.
The index needs to go through (break) one of the levels resistance or support, to see the direction of further movement.
CNBC INDONESIA RESEARCH TEAM
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