BI maintains interest rates, JCI can leave 5,000

Bisnis.com, JAKARTA – Several analysts forecast the Composite Stock Price Index to weaken in the trading session on Friday (9/18/2020).

Artha Sekuritas analyst Dennies Christoper Jordan explained that the Composite Stock Price Index (JCI) closed 0.40 percent lower to 5,038. According to him, the index weakened after the Fed and Bank of Indonesia held their benchmark interest rate, which is an indication that there is no improvement in the economy in the near future.

As is well known, the Meeting of the Board of Governors of the Bank of Indonesia (RDG), which took place from September 16, 2020 to September 17, 2020, decided to maintain the 7-day reverse repurchase interest rate of BI (BI7DRRR) at 4%.

Dennies predicts JCI will weaken in Friday’s session (9/18/2020). Technically, stochastics move to form dead cross a sign of continued weakening.

“Movement [IHSG] will be influenced by concerns about the growing number of Covid-19 cases within the country, as well as indications that the economy will not recover in the near future after the Fed and Bank of Indonesia withhold rates of interest, “he said via a daily inquiry cited on Friday (9/18/2020).

He predicted that IHSG would move with the level resistance first 5087 and resistance second 5.136. As for, support for first at level 5.001 and support for second 4,964.

On the other hand, Binaartha Sekuritas analyst Muhammad Nafan Aji Gusta Utama said that based on the proportion fibonacci support and resistance It is at 4,975.54 to 5,077.14. According to the indicators, the MACD has formed a pattern dead cross in the positive zone.

Meanwhile, Nafan said that the Stochastic and the RSI started to show negative signals. However, there is still a pattern of concern bar down indicating the possibility of further weakness in the JCI movement.

“IHSG has the opportunity to go to support for closest, “he explained.