Opportunity for correction, see JCI projections and stock recommendations for Friday (5/11)

Reporter: Akhmad Suryahadi | Editor: The novice Laoli

KONTAN.CO.ID – JAKARTA. Composite Stock Price Index (IHSG) closed up 0.52% to 6,586,443 on Thursday (4/11). Foreign investors conduct net buying (net buy) worth Rp 332.69 billion in the regular market today.

Sucor Sekuritas analyst Hendriko Gani said the index’s strengthening was in line with the Fed’s decision last night not to raise interest rates. Policy tapering off what was done also turned out to be not as aggressive as the market expected.

JCI is also supported by a stable 10 years bond yield US, so the rupiah exchange rate tends to be stable and brings positive sentiment for the JCI.

“Tomorrow (5/11), JCI has the potential to move mixed weakened to close the gap, with support at 6,550 and resistance at 6,625,” explained Hendriko when contacted by Kontan.co.id, Thursday (4/11).

Also Read: Stocks that were mostly sold by foreigners when the JCI closed higher on Thursday (4/11)

He suggested to look at the shares of PT Harum Energy Tbk (HRUM), PT Aneka Tambang Tbk (ANTME), and PT Semen Indonesia Tbk (SMGR).

Phillip Sekuritas Indonesia analyst, Helen, assessed that the JCI was driven by the release of good data from Caixin Services China. In addition, investors also responded to the results of the Fed’s meeting.

For tomorrow’s trading, Helen projects that the JCI will move in the range of 6,570-6,610. “For stocks that can be observed, banking stocks blue chip still interesting, “said Helen.

Director of Indosurya Bersinar Sekuritas William Surya Wijaya projects that the JCI will move in the range of 6,413 – 6,521 tomorrow (5/11).

Also Read: Many foreign investors collect these stocks when the JCI rebounds