ILLUSTRATION. The screen shows the stock trading movement in the building of the Indonesian Stock Exchange in Jakarta on Friday (October 23, 2020).
Reporter: Ika Puspitasari | Editor: Judo Winarto |
KONTAN.CO.ID – JAKARTA. The Jakarta Composite Index (JCI) entered the red zone during Friday trading (4/12). At the end of trading on the Indonesian Stock Exchange (IDX), JCI experienced a correction of 12.46 points or 0.21% against the level of 5810.48. Even so, if you look at the JCI last week, it is still up 0.47%.
Artha Sekuritas, an analyst in Indonesia, Denny Christopher, said the JCI movement was shut down lower in line with the growing number of Covid-19 cases within the country. The movement is also action-driven making a profit after the movement has entered the area bought over.
On Monday (7/12), on trading, he continued that the JCI movement still had minimal sentiment from domestic economic data. “On top of that, the growing number of Covid-19 cases is quite worrying for investors,” he said in a study on Friday (4/12).
Technically, Dennies said the movement is still on track. However, it will still be rectified in the short term, as is currently the case in the area bought over.
Also read: The JCI has risen this week, see next week’s forecasts
He therefore predicted that the JCI would move lower with resistance at 2 5850, 1 resistance at 5830, support at 1 5882 and 2 support at 5754 for Monday trading (7/12).
Meanwhile, MNC Sekurita analyst Herditya Wicaksana added, there are several catalysts next week that will color the JCI movement, one of which will be the release of Indonesia’s foreign exchange reserves. In addition, investors are still watching developments in response to Covid-19 in Indonesia.
“From a global perspective, hope and confidence in the development of the Covid-19 vaccine and incentives from the United States will continue to increase,” he said on Friday (4/12).
Herditya estimates that the JCI will move in a limited direction to re-test resistance zone 5850 with support for 5560 Monday (4/12) trading.
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