JCI Potentially Weakened Limited Today

Jakarta – Pilarmas Investindo Sekuritas sees that the composite stock price index (JCI) technically today (25/1) will potentially experience limited weakness with a support level of 7,150 and a resistance level of 7,270.

“Based on technical analysis, we see that the JCI has the potential to weaken limitedly with support and resistance at the level of 7,150-7,270,” wrote the management in a market review in Jakarta, January 25, 2024.

This was influenced by the JCI which closed lower by 28.40 points or fell 0.39 percent to 7,227, in yesterday’s trade (24/1).

Even so, Pilarmas still sees the attraction of foreign investors to the country as seen from the realization of investment of IDR 1,418.9 trillion or 101.3 percent of the 2023 investment target of IDR 1,400 trillion.

“Of course this will support the strength of the domestic economy amid global conditions still shrouded in uncertainty which will encourage economic improvement this year,” he added.

In addition, the realization of Rp 1,419 trillion increased 17.5 percent compared to the realization in 2022, and BKPM data also showed that the realization of foreign investment or foreign capital participation (PMA) reached Rp 744 trillion or 52.4 percent of the total investment realization.

Meanwhile, domestic investment or domestic capital participation (PMDN) reached IDR 674.9 trillion.

Meanwhile, the achievement of the investment target in 2023 yesterday has also exceeded the President’s target and the BKPM 2020-2024 strategic plan which was recorded at IDR 1,099.8 trillion. (*)

Editor: Galih Pratama