The JCI on Monday Has the Opportunity to Strengthen, These Seven Stocks are Worthy of Attention

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (IHSG) has the opportunity to turn stronger in today's trading, Monday, May 8, after last week's decline of 0.82 percent to 6.787.63.

Phintraco Sekuritas in its research said that the JCI technically closed the gap to 6.760 along with weakening at the end of last week. The weakening of the JCI is also an indication that the composite index is in the oversold area.

"Therefore, investors can watch for opportunities to buy on support or speculative buy above 6.730 on Monday," wrote research by Phintraco Sekuritas.

The JCI movement tomorrow will be supported by a positive catalyst coming from the realization of Indonesia's economic growth of 5.03 percent year-on-year (yoy) in the first quarter of 2023. This growth rate is higher than the estimate of 4.95 percent YoY.

According to estimates, the component of household consumption expenditure was the highest source of growth, namely 2.44 percent yoy. This condition is expected to continue for the remainder of 2023 considering that the Consumer Confidence Index (IKK) continues to remain at a fairly high level until April 2023.

Externally, an increase in the unemployment rate in the United States in April 2023 has the potential to increase pressure for The Fed to limit the increase in the benchmark interest rate by 25 basis points in the next several FOMCs.

"Market players can watch for technical rebound opportunities in BBNI, MDKA, INTP and PGAS, as well as potential for further rebounds in KLBF, EMTK and SCMA," explained Phintraco's research.