JCI is predicted to continue to weaken, see recommendations for TOWR, KLBF and BBRI shares

ILLUSTRATION. Security officers pass in front of the screen of movement of the Jakarta Composite Index (JCI) at the Indonesia Stock Exchange, Jakarta, Friday (25/9/2020).

Reporter: Kenia Intan | Editor: I knew Laoli

KONTAN.CO.ID – JAKARTA. Composite Stock Price Index (IHSG) moved in the red zone on Friday (2/10) trading. JCI finally closed down 0.87% or 43.36 points to the level of 4,926.73.

Quoting data from the Indonesia Stock Exchange (IDX), the majority of sectors on the stock exchange weakened. Only the basic industry and chemical sectors rose 0.31%. Meanwhile, the infrastructure, utilities and transportation sectors decreased by at least 2.25%.

After that, there was the agricultural sector and the financial sector which weakened respectively 1.24% and 1.06%.

Also Read: Next week, JCI is predicted to be sideways, this is a list of influencing sentiments

Artha Sekuritas Indonesia analyst Dennies Christoper Jordan observed, the decline in the JCI was triggered by investor anxiety after United States President Donald Trump was reported positive for Covid-19.

“Investors see this will affect the political and economic conditions in the United States,” said Dennies in a research received by Kontan.co.id, Friday (2/10).

The weakening is predicted to continue in today’s trading Monday (5/10). JCI is expected to move with support levels of 4,880 to 4,835, while resistance levels are at 4,971 to 5,017.

Technically, Dennies continued, the movement failed to form a perfect double bottom formation and moved back to the consolidation trend.

Also Read: The effect of Donald Trump is positive for corona, the JCI is predicted to weaken on Monday (5/10)

The movement at the beginning of the week is estimated to still lack driving sentiment. On the other hand, the number of daily Covid-19 cases in the country is still worrying.

Amid the JCI that continues to weaken, analysts observe these stocks: