DIGIVESTASI - The Composite Stock Price Index (JCI) closed lower in the weekend trading session on Friday (January 19, 2024). The action of BBCA, ASII, BREN put pressure on JCI. JCI today closed at 7,227.40, down 0.35% or 25.56 compared to the previous session close. JCI this morning ranged from 7,170 to 7,277.

A total of 15.25 billion shares were traded with a transaction value of Rp 9.49 trillion in 1.12 million transactions. A total of 196 codes experienced price increases, 327 codes experienced decreases, and 238 codes experienced no change. Several large cap stocks put pressure on the JCI such as BBCA down 0.52%, ASII down 0.47%, BREN down 9.73%, TLKM. down 0.25%, BRPT 2.25%, BBNI 0.90% and GOTO 1.15%. 

Meanwhile, KRYA rose 33.96% on top gainers, CGAS rose 22.37% and SHID rose 20.10%. The Phintraco Sekuritas research team estimates that JCI will move around the 7300 level with support at 7150. Technically there is a golden cross on the stochastic RSI supported by solid volume. Phintraco Sekuritas said that external sentiment towards JCI came from the release of several economic data.

The United States will release employment data tonight (January 18, 2024), specifically initial jobless claims estimated at 207,000 compared to 202,000 at the end of last week (January 13, 2024). Other data, particularly continuing jobless claims, are expected to increase to 1.84 million from 1.83 million previously.

The data is an important indicator regarding the direction of the Fed's interest rate policy which will be announced on Wednesday (January 31, 2024). In addition, investors are also looking forward to the results of speeches by several senior Fed and ECB officials which will take place tonight (January 18, 2024). Domestically, JCI was affected by BI's sentiment of maintaining the benchmark interest rate at 6%. This is an effort to maintain stability and support sustainable economic growth which is still under control in the range of 5.1% to 5.3% in 2024.

Some of the stocks selected by Phintraco Sekuritas in the trading session on Friday (19/1/2024) include BRIS, BBRI. , ERAA and SSIA. Meanwhile, Yugen Sekuritas CEO William Surya Wijaya estimates that the JCI today ranges from 7,123 to 7,272. "The JCI movement model seems to be experiencing technical recovery after experiencing pressure some time ago. "Meanwhile, we must be aware of the possibility of reasonable adjustments because there are still fluctuations in exchange rates and commodity prices," William said.

However, continued William, the strong fundamentals of the Indonesian economy as seen from several economic data released have also supported the movement of the JCI so far. According to Yugen Sekuritas, JCI still has the potential to continue strengthening in a limited manner.