JCI has the potential to advance again on Monday (11/10), these stocks can be observed

Reporter: Ika Puspitasari | Editor: Khomarul Hidayat

KONTAN.CO.ID – JAKARTA. After strengthening 4.06% in a week, the Composite Stock Price Index (JCI) still has the energy to rise again in Monday’s trading (11/10). Previously, the JCI closed up 1.02% to 6,481.77 on Friday (8/10).

Sucor Sekuritas analyst Hendriko Gani said the JCI still has the potential to strengthen and test resistance at the 6,500-6,558 level on Monday (11/10). However, investors also need to be aware of the potential for profit-taking that could lead to a fair correction in the JCI.

“For Monday (12/10) there is still minimal sentiment, the movement will be more directed at strengthening commodity prices, and foreign inflows from the potential for Indonesia’s economic improvement in the fourth quarter,” he told Kontan.co.id, Sunday (10/10).

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Citing RTI data, foreign investors have posted net purchases of Rp 10.67 trillion across all markets in the past week.

Hendriko suggested that investors could do buy and hold for stocks big caps. According to him, banking stocks have attractive potential in the fourth quarter of 2021 with the potential for improving credit growth.

In addition, he noted, ASII’s shares were also attractive in line with the relaxation of the sales tax on luxury goods (PPnBM) which was extended until the end of the year.

Pilarmas Investindo Sekuritas analyst Okie Setya Ardiastama added that some domestic sentiments will still color the JCI movement on Monday (11/10).

For example, the government’s efforts to re-implement tax amnesty or tax amnesty volume II which is considered to have an impact on the stock and bond markets later. On the one hand, the financial performance of issuers in the first semester of 2021, which recorded improvements, is the hope of market players for the economic recovery which has begun to be confirmed by the performance of issuers.

“The release of consumer confidence data which can be said to be quite good is considered to still have an impact on the confidence of market participants,” he said, Friday (8/10).

Okie projects that the JCI will move limited to the range of 6,395 – 6,507 on Monday (11/10). Okie said stocks from the basic industrial sector can be observed by market players next week.