Weakening Rupiah Brings JCI to the Red Zone

Liputan Digital. The Composite Stock Price Index (CSPI) is predicted to move in the red zone on Monday (10/12). The weakening rupiah exchange rate against the US dollar (US) was the trigger.

Based on RTI Infocom data, the rupiah in the past week weakened by 1.7 percent. Previously the rupiah had been in the area of ​​Rp. 14,200 per US dollar, now the rupiah has weakened in the area of ​​Rp. 14,400 per US dollar.

"The JCI is predicted to weaken, supporting 6,085-6,105 resistance 6,143-6,161," said Analyst Artha Sekuritas Dennies Christopher Jordan as quoted from his research,


In addition, Dennies said the JCI in today's trade will experience pressure from technical factors. JCI movement that has touched the overbought area is expected to weigh on the index movement.


"There is potential for weakness in the short term," Dennies explained.

But, Indosurya Analyst Shining Securities William Surya Wijaya estimates that the JCI will continue its strengthening earlier this week. The November 2018 foreign exchange reserve data (cadev) which increased US $ 2 billion will support the JCI movement.

"Plus, ahead of the release of economic data on retail sales, which are expected to increase, it will boost the JCI movement," William said in his research.


Seeing these positive sentiments, William predicts the JCI will move within the range of support at 5,955 and resistance at 6,226. He recommended a number of consumer goods-based stocks, such as PT Gudang Garam Tbk (GGRM), PT Hanjaya Mandala Sampoerna Tbk (HMSP), and PT Unilever Indonesia Tbk (UNVR).

Information only, the JCI throughout the last week rose 1.16 percent to 6,126 from the previous week at the level of 6,056. Meanwhile, the JCI rose slightly by 0.18 percent.

In contrast to the Indonesian stock market, the Wall Street stock market weakened at the end of last week. Recorded, the Dow Jones was corrected by 2.24 percent, the S & P500 was corrected by 2.33 percent, and the Nasdaq Composite was corrected by 3.05 percent.

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