TEMPO.CO, Jakarta – The Jakarta Composite Index (JCI) is expected to weaken today as investors grow increasingly worried about the US dollar’s gain on the rupiah. Analyst says that the SUN auction is also quiet, adding more pressure to the JCI.
Binaartha Sekuritas analyst Reza Priyambada hopes that market players can panic less and stop over-worrying about the rupiah, thus the JCI wont plunge further.
Reza projects the JCI to sway between a support range of 5,712-5,731 and a resistant range of 5,805-5,813.
“The JCI’s 1.88 percent correction is weaker than the previous one, which was 1.60 percent,” Reza said on Wednesday, May 9.
Investors are still worried about the rupiah plunge to more than 14,000 per US dollar. Furthermore, there is no positive sentiments that can help the rupiah strengthen. This caused the demand for US dollar to increase—weakening the rupiah further.
For today’s trade, Reza recommends buying BBRI, INKP, BBNI, BRPT, and BJTM.