JCI Monday Overshadowed By Continued Weakening

JAKARTA - The movement of the Composite Stock Price Index (JCI) fell at the end of trading last week. At the close of Friday, August 4, the JCI weakened 0.66 percent or 45.23 points to 6,852.84.

Within a week, the JCI fell 0.69 percent. Phintraco Sekuritas in its research estimates that the JCI will consolidate with a tendency to weaken in the range of 6,830-6,900 in trading this Monday.

Technically, negative slepty widening was formed in MACD. But the oversold RSI Stochastic indicates a limited weakening.

Domestically, next week Investors will look forward to the release of data on gross domestic product growth (GDP) in the second quarter of 2023. Indonesia's GDP is expected to increase to 3.72 percent QoQ from -0.92 percent QoQ in the first quarter of 2023.

However, it is projected to slow down 0.10 percent YoY to 4.93 percent YoY in Q2-2023. This is in line with the economic slowdown of several Indonesian trading partner countries, especially China.

"From the region, the People's Bank of China (PBOC) hints that it will increase supporting instruments for financing private business bonds, and strengthen financial markets to support its development," explained Phintaco Sekuritas research.

This increases market confidence amid signs of slowing growth. A number of economic data will be released this week, such as China, which will release the July 2023 trade balance on Tuesday, August 8, as well as US inflation in July on Wednesday 9 August.

These sentiment will overshadow the JCI movement this week. Alrich's top picks stocks for Monday include PTBA, ADRO, BMTR, ENRG, MYOR, SMRA, and PWON.