JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to strengthen in today's trading, Thursday, June 8, after returning to the green zone yesterday with a slight gain of 0.01 percent or 0.83 points to the level of 6,619.75.
Phintraco Sekuritas predicts the JCI this Thursday has the potential to rebound to the range of 6,630-6,650. Technically, confirmation of the rebound on Thursday will establish a golden cross pattern on the Stochastic RSI in the oversold area and maintain continued rebound opportunities.
"The potential technical rebound of the JCI is overshadowed by external negative sentiment," explained the research of Phintraco Sekuritas.
The external sentiment that affected, among others, the value of Chinese exports fell 7.5 percent YoY in May 2023. The decline was deeper than expected, which was 0.4 percent YoY.
Meanwhile, the decline in the import value by 4.5 percent YoY in May 2023 was not as estimated at the level of 8 percent YoY.
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"Still from external, the market also anticipates the realization of economic growth of the Euro Area in the first quarter of 2023," explained the research of Phintraco Sekuritas.
Euro Zone economic growth in the first quarter of 2023 is estimated to slow to 1.2 percent YoY from 1.8 percent YoY in the fourth quarter of 2022.
JCI is predicted to move in a support area at the level of 6,600 and resistance at the level of 6,730. The stocks recommended by Phintraco Sekuritas are TLKM, UNVR, CPIN, MAPI, BMRI, and MNCN.