The next 3 days in a row, JCI is projected to rebound on Thursday (24/9)

ILLUSTRATION. Today’s weakness complements the JCI decline that has been going on since Monday (21/9).

Reporter: Akhmad Suryahadi | Editor: Wahyu T. Rahmawati

KONTAN.CO.ID – JAKARTA. Composite Stock Price Index (IHSG) fell 0.33% to 4,917,955 at the end of trading today, Wednesday (23/9). In fact, the index had strengthened to the level of 4,984,239 which is the highest level today.

Today’s weakness complements the JCI decline that has been going on since Monday (21/9). This means, JCI has slumped in the red for three days.

However, a number of analysts project the JCI will rebound on Thursday trading (24/9). Philip Sekuritas Indonesia analyst Anugerah Zamzami Nasr projects that technically the JCI should get it rebound after touching support fibonacci at the level of 4,870.

As for a number of sentiments that will move the JCI tomorrow, among others, the United States (US) crude oil inventory data from the Energy Information Administration (EIA) and US jobless claims data. “As for support and resistance tomorrow it will be at the level of 4,814-5,036, “said Zamzami to Kontan.co.id, Wednesday (23/9).

Also Read: JCI predicted a technical rebound on Thursday (24/9)

Likewise, Pilarmas Investindo Sekuritas analyst Okie Ardiastama projected that JCI has the potential to gain limited strength tomorrow. According to Okie, the significant drop in the JCI since the beginning of this week provided an opportunity for JCI to technical rebound. JCI has the potential to gain limited strength with a range of 4,870-5,020 on Thursday (14/9) trading.

In addition, the JCI was also influenced by the sentiment of government efforts to resolve the impact of the pandemic, both from an economic and health perspective. This is still the benchmark for market players. “Moreover, next year, the budget for health will not be bigger than this year. We need to pay close attention to where recovery from health is considered to have an impact on accelerating economic recovery,” said Okie to Kontan.co.id, Wednesday (23/9).

Next year the government will cut spending on health. The health budget has been cut from Rp 212.5 trillion this year to only Rp. 169.7 trillion next year. On the other hand, the budget for infrastructure has actually increased from Rp 281.1 trillion this year to Rp 414 trillion next year.

Also Read: JCI fell for the third day to 4,917.97 on Wednesday (23/9), foreign selling was still big

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Reporter: Akhmad Suryahadi
Editor: Wahyu T. Rahmawati

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