ILLUSTRATION. The JCI weakening on Friday (20/11) broke the five-day consecutive marine rally since Friday (13/11).
Reporter: Akhmad Suryahadi | Editor: Wahyu T. Rahmawati
KONTAN.CO.ID – JAKARTA. The Jakarta Composite Index (JCI) closed down 0.40% at 5,571.66 on Friday (20/11). This weakening broke the JCI rally which had strengthened for five days in a row since Friday (13/11).
As a result, in a week the JCI was still up 2.03%. Meanwhile, since the beginning of the year orwa year-to-date (ytd), JCI was still corrected by 11.55%.
CEO of Sucor Sekuritas Bernadus Wijaya said, JCI has the potential to be corrected by profit taking (take profit) when JCI closed the gap of 5,625. As for the level support The next JCI is at 5,380 and resistance at the level of 5,600. Until the end of the year, Bernadus projects that the JCI will reach the level of 5,600.
Benadus continued, the banking sector as the driving force for the JCI still has the potential to be corrected so that market players can take action wait and see first. Or, if you have collected, you can do profit taking some and can collect in the area support.
Market players can look at issuers in the defensive sector, such as PT Indofood CBP Sukses Makmur Tbk (ICBP) and PT Indofood Sukses Makmur Tbk (INDF). The two issuers are likely to release their financial performance next week and it is projected that their performance in the third quarter can improve as the economy recovers.
The shares of the inhabitants of the LQ45 Index that are still deep corrected but worthy of collection are PT Media Nusantara Citra Tbk (MNCN). Bernadus explained, this issuer made by Hary Tanoesoedibjo is quite interesting because many MNCN program ratings are in the top five on the national television scene and the purchasing power of advertisements has also increased.
“In addition, the strengthening of the rupiah exchange rate is very beneficial for MNCN, which has debt in US dollars, so there is potential for it forex gain, “Explained Bernadus to Kontan.co.id, Sunday (22/11).
MNCN’s shares are currently traded with price to earnings (PE) 6 times while its competitor, namely PT Surya Citra Media Tbk (SCMA) has PE 18 times so it is quite interesting to note. Bernadus has set a target price for ICBP at IDR 11,500 per share, while the target price for MNCN is IDR 1,100 per share.
In addition, with the winter season in China and China‘s economy starting to recover and the cessation of imports from Australia, listed coal sector companies are also attractive to be looked at. One of them is the shares of PT United Tractors Tbk (Untrim) which is still moving in close support IDR 20,500 with resistance IDR 24,500.
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Reporter: Akhmad Suryahadi
Editor: Wahyu T. Rahmawati