JCI Friday Potentially Continue Rebound, What Stocks Are Recommended?

JAKARTA - The movement of the Composite Stock Price Index (JCI) is projected to continue strengthening in today's trading, Friday, September 15, after closing up 23.85 points or 0.34 percent to 6,959.33 yesterday.

Phintraco Sekuritas in his research said that trading this Friday the JCI has the potential to continue rebounding to the pivot range of 6,980. JCI has the potential to move in the support range of 6,880 and resistance to 7,000.

"Technically, at the same time as Thursday's strengthening, the JCI formed a morning star doji pattern and returned to the top of the MA20 with the Stochastic RSI in the oversold area," explained the research of Phintraco Sekuritas.

For Friday's trading, the JCI will be driven by a number of sentiments. From external, there are results from European Central Bank (ECB) meetings and US economic data. US economic data include retail sales and initial jobless claims.

Retail sales growth is expected to slow down, while initial jobless claims are expected to rise. This condition is believed to add to the pressure for the Fed to be more accommodative at the FOMC September 2023.

From the region, China is scheduled to release important economic data, including property prices, fixed asset investments, industrial production and retail sales.

Meanwhile, from internal, market participants anticipate Indonesia's Trade Balance, which is estimated to remain in surplus, but is overshadowed by a deeper decline in export and import value from July 2023.

The stocks recommended by Phintraco Sekuritas include PT Bank Central Asia Tbk (BBCA), PT Bank Rakyat Indonesia Tbk (BBRI), PT Pertamina Geothermal Energy Tbk (PGEO), PT Adaro Energy Indonesia Tbk (ADRO), PT Indo Tambangraya Megah Tbk (ITMG), PT Indika Energy Tbk (INDY), PT Bumi Resources Minerals Tbk (BMRS), and PT Astra Otoparts Tbk (AUTO).