After rising 0.87%, JCI is predicted to be bullish again on Wednesday (4/11)

ILLUSTRATION. The Jakarta Composite Index (JCI) rose 0.87 percent to 5,159.45 on Tuesday (3/11).

Reporter: Nur Qolbi | Editor: Wahyu T. Rahmawati

KONTAN.CO.ID – JAKARTA. Composite Stock Price Index (IHSG) rose 0.87% to the level of 5,159.45 in trading Tuesday (3/11). Meanwhile, foreign investors are still on the list net sell worth Rp 279.76 billion in all markets.

Indo Premier Sekuritas analyst Mino said the increase was driven by the strengthening of the global stock index and rising prices for several commodities. In addition, the financial statements of issuers and the signing of the Job Creation Law by President Joko Widodo have also become a positive sentiment for today’s trade.

Mino predicts that the JCI on Wednesday (4/11) will still strengthen (bullish) with support at level 5,129 and resistance 5,200. “The main sentiment comes from externals related to the presidential election in the United States (US), while domestic ones are still related to the issuer’s financial statements,” he told Kontan.co.id, Tuesday (3/11). INTP, JSMR, WSKT, and PGAS into stocks that are interesting to observe.

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In a similar vein, Phintraco Sekuritas analyst Valdy Kuniawan estimates that the JCI will continue to strengthen tomorrow. According to him, JCI has the opportunity to test resistance 5,175 with levels support still in the range of 5,075-5,100.

“The strengthening of the JCI will be supported by the potential to continue technical rebound on stocks infrastructure-related, as LANGUAGE, PTPP, WTON, WSBP, and JSMR, “he said.

Valdy assessed that the anticipation and response of market players to the issuer’s quarter III-2020 financial statements will still be the main factors affecting the direction of JCI movement. In addition, market players are also waiting for the implementation of the presidential election in the US and the release of Indonesia’s third quarter 2020 growth data in the middle of this week.

Also Read: JCI rose 0.87% on Tuesday (3/11), SRIL shares were LQ45’s top gainer