Covered With Lots Of Positive Sentiment, Thursday's JCI Is Predicted To Strengthen
JAKARTA - The movement of the Composite Stock Price Index (IHSG) is predicted to strengthen in today's trading, Thursday, February 2, after closing yesterday with a gain of 0.34 percent to a level of 6,862.25.
During yesterday's trade, JCI moved from a low of 6,850 to a high of 6,893. Head of Research at NH Korindo Sekuritas Liza Camelia Suryanata said it was natural that the JCI was a bit "nervous" moving in the resistance area of 6,900.
"However, it is clear that the JCI is desperately holding on to MA10 and MA50 support, exactly at the 6,839 closing point yesterday. It seems that market players this week tend to wait and see, due to the many macroeconomic data factors we are waiting for," she explained in a written statement.
Some of the data that market players are waiting for includes the announcement of Indonesia's January inflation data, the results of the decision from the FOMC meeting tonight and Jerome Powell's comments regarding the increase in interest rates, as well as the decisions of the European and British Central Banks on Thursday, plus statements from their officials.
In addition, it will be closed with US payroll data on Friday because this employment data has a large influence on The Fed officials in determining the direction of monetary policy in the future.
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"Foreign inflows are still a bit uneasy even though they have been detected starting to enter, unfortunately, more portions are going to SBN than the stock market," said Liza.
Liza said, fund managers are expected to start to be more "risk-on", or more interested in riskier instruments such as stocks, in developing countries like Indonesia, if the economic slowdown starts to be measured. For example, this series of increases in interest rates began to show their effects as inflation eased, the labor market contracted, and payrolls fell.
"A bit of a recession needs to be seen and this soft landing is what the Federal Reserve hopes for so they can put the brakes on the pace of interest rate hikes, even if they stop rising especially since the pivot is still unrealistic if it is expected to happen in 2023," she said.