JCI Monday (29/6) is expected to weaken

Reporter: Kenia Intan | Editor: Yudho Winarto

KONTAN.CO.ID – JAKARTA. Composite Stock Price Index (CSPI) closed in the green zone on trading Friday (6/26). The Indonesia Stock Exchange (IDX) noted JCI rose 0.15% or 7.358 points to 4,904,088.

According to IDX data, the most significant gains were recorded by the infrastructure, utilities, and transportation sectors which grew by 1.08%. Following this, the property, real estate and building construction sectors rose 0.98%. As for the industrial sector, consumer goods also grew by 0.50%.

In the midst of various sectors that gained a majority there were a number of stocks that experienced weakening, such as the basic industrial and chemical sectors which flushed 0.67%. After that there was an agricultural sector which was corrected up to 0.40%.

Artha Sekuritas Indonesia Analyst Dennies Christoper explained, the strengthening of the Jakarta Composite Index last Friday was driven by stimulus for easing economic policy from the United States (US). The sentiment from within the country is still limited, so that the JCI movement tends to be limited.

JCI tomorrow Monday (6/28) will not continue strengthening. JCI is predicted to weaken with support levels of 4,877 to 4,850 and resistance levels at 4,936 to 4,968.

“It is expected to be limited due to concerns after the IMF cut its forecast for global economic growth,” Dennies explained in research submitted to Kontan.co.id, Friday (26/6).

In addition, continued Dennies, CSPI is still overshadowed by the increasing number of daily cases of Covid-19. So that, raises concerns the economy will not recover quickly.

In the midst of JCI that will weaken tomorrow, here are some stocks that analysts observed:

1. PT PP Tbk (PTPP)

PTPP forms a pattern double bottom in a short-term trend, it indicates a potential bullish trend. Analysts suggest entering PTPP shares at a price of Rp 870 to Rp 900. Stop loss at Rp 850. The target price is Rp 960 to Rp 1,000.

2. PT Surya Citra media Tbk (SCMA)

SCMA breakout resistance with high volume. Potential to continue strengthening. Investors are advised to enter at a price of Rp 950 to Rp 975. Stop loss at Rp 1,120. Meanwhile the target price of SCMA is set at Rp 1,250 to Rp 1,270.

3. PT Telekomunikasi Indonesia Tbk (TLKM)

TLKM has experienced a correction and is stuck around the support area. Analysts suggest entering TLKM shares at Rp 3,170 to Rp 3,220. Stop loss at Rp. 3,140. While the target price is Rp 3,350 to Rp 3,400.