Bisnis.com, JAKARTA – The successful JCI movement continued at the end of trading on the eighth day in a row, Thursday (8/11).
Yesterday, the JCI closed up 0.62% or 36.92 points at the level of 5976.81, the highest closing level since August 31. The index even rose to almost touch the level of 6,000 after opening with a gain of 0.55% or 32.44 points at the level of 5972.33 yesterday morning.
Throughout yesterday's trade, the JCI moved at the level of 5,949.52 – 5,996.84. Meanwhile, on Wednesday (11/7), the JCI ended up 0.27% or 15.96 points to 5,939.89.
Of the 614 shares listed on the Indonesia Stock Exchange (IDX), 231 shares rose, 164 shares weakened, and 219 shares stagnated.
Seven of the nine sectors settled in positive territory, led by trade that rose 1.64% and financially 0.94%. In contrast, the agriculture and various industries sectors ended down 1.44% and 0.04% respectively.
Shares of PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI) and PT Bank Mandiri (Persero) Tbk. (BMRI), which rose 2.37% and 2.04% respectively to be the main drivers of the JCI rally.
Meanwhile, foreign investors booked a net buy worth more than Rp1 trillion in trading on Thursday (1/8).
Based on data from the Indonesia Stock Exchange, foreign investors booked a net buy or net worth of around Rp1.1 trillion, as well as a net buy-in for the 11th consecutive day
Foreign investors booked about 1.46 billion shares worth Rp3.95 trillion. The sell-off of foreign investors was recorded at 1.25 billion shares worth around Rp2.84 trillion.
The total transaction value that occurred on the trading floor reached Rp9.26 trillion with trading volume recorded at around 9.7 billion shares.
Equity Technical Analyst Lanjar Nafi said on the last trading day this week, investors would look at China's inflation data and remain cautious in responding to the Fed's decision about the pace of policy tightening next year.
"Technically, the strengthening movement of the JCI formed a pattern northern star with indications threatening the JCI's continued strengthening towards the distribution phase towards correction. Indicator Stochastic dead-cross in the overbought area with momentum starting high on the RSI indicator, "said Lanjar.
He said today's JCI movement will be overshadowed by profit taking with a range of 5,900 – 6,000 movements. Some stocks that can be observed are ANTM, EXCL, HRUM, ERAA, INKP, MEDC, PNLF, and TKIM.
Meanwhile, Analyst at Binaartha Sekuritas Dennies Christopher Jordan said today the JCI is predicted to weaken with a resistance range of 5,960-581 and support 5,869-5,904. Some recommended stocks are PTBA, ELSA, BKSL, SMRA, SCMA, and BRPT.
"Technically stochastic indicator forming deadcross in area overbought indicates a correction will occur in the short term. Strengthening the rupiah exchange rate will be the pillar of the JCI. Investors will also anticipate the Fed's decision, "he said.