Jakarta, CNBC Indonesia – The Composite Stock Price Index (JCI) on Wednesday (9/9/20) trading closed down nearly 2% or to be precise 1.81% at the level of 5,149.37. Today, the pressure on the JCI has the potential to continue, the implementation of large-scale social restrictions (PSBB) by the DKI Provincial Government is the trigger.
Trade data noted that foreign investors made net sales of Rp. 591 billion in the regular market with a transaction value of Rp. 7.4 trillion.
Pilarmas Investindo Sekuritas said the sentiment came from the DKI Jakarta government policy to re-implement large-scale social restrictions (PSBB). This total PSBB will certainly have a negative impact on the domestic capital market, both stocks and bonds.
However, this security sees that this time market players and investors are expected to be more prepared to accept this, so a decline is likely to occur but at a lower percentage while market players and investors watch and observe further developments.
There is a potential for transfer of funds from stocks because assets that have a greater risk value to bonds with a lower risk level. However, there is a possibility that the bond market will also experience an increase in yields today as a form of compensation for increased risk.
Artha Sekuritas also revealed that investors have started to wait and see some economic data. In addition, it is also influenced by concerns that the high number of Covid-19 cases in Indonesia will affect the economy until the end of the third quarter of this year.
From a technical point of view, Reliance Sekuritas Indonesia said the JCI moved lower to test the 50-day Moving Average support in the range of 5,139 after being unable to return above the 20-day Moving Average in the range of 5,265.
The stochastic indicator is moving in full motion with RSI momentum still moving bearish. So that in the next movement JCI has the potential to test the Moving Average 50 as confirmation of a short-term reversal pattern with a moderate movement at support at 5,139 and resistance at 5,228.
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