The Composite Stock Price Index (JCI) closed up 0.73% to 7,193.314 on Wednesday (8/6).
Erdikha Elite Sekuritas analyst Ivan Kasulthan assessed that the strengthening of the JCI yesterday was partly due to the Wall Street market which also closed higher on Tuesday (7/6). Although sentiment is still quite minimal, the accumulation by foreigners is able to make JCI closed in the green zone.
It is noted that foreign investors made a net buy or net buy of Rp 566.72 billion in all markets.
Ivan assessed that one of the sentiments that also attracted investors' attention was the World Bank's stance that it lowered its projection for global economic growth. The World Bank estimates that the global economy will grow by 2.9% or a decrease of around 1.2 points compared to the projection in January 2022.
Inflation data in the United States (US) will also be the market's attention. Ivan said, if there is an increase in inflation, it will encourage the US Central Bank, The Fed, to raise interest rates. This will have a negative impact on emerging markets, including Indonesia.
"So (the increase in interest rates) will burden the JCI's strengthening later, especially in the banking, automotive and property sectors," Ivan explained to Kontan.co.id.
Ivan projects that the JCI in today's trading will move at the support level of 7,150 and resistance at 7,233.
MNC Sekuritas analyst Herditya Wicaksana projects that the JCI will move at resistance at 7,233 with support at 7,060 on Thursday (9/6).
According to Herditya, the market will wait for the release of consumer confidence index or IKK data. "We recommend investors to pay close attention to HRUM, MPPA, EXCL, and ADHI," said Herditya.
Ivan recommends that investors pay close attention to the shares of TLKM, PGAS, MDKA, UNVR, BIPI, BOGA, MEDC, and ISAT.
