JCI Thursday Prone To Profit Taking, Check Out Stock Recommendations

JAKARTA - The movement of the Composite Stock Price Index (JCI) was slightly weakened at the close of trading on Wednesday, November 29. JCI weakened 0.07 percent or 4.99 points to 7,036.09 at the end of trading on the Indonesia Stock Exchange (IDX).

In his research, Phintraco Sekuritas said that the JCI is still in a profit-taking-prone condition in the short term, especially on Thursday and Friday.

"One of the negative sentiments may come from external, namely the data on the Chinese manufacturing index which is estimated to be still below the expansionary limit (50) in November 2023," explained the research of Phintraco Sekuritas.

In addition, the Euro Area inflation is expected to fall to 2.7 percent YoY in November 2023 from 2.9 percent YoY in October 2023. If it is as estimated, the Euro Area inflation is much lower than the final position of the ECB benchmark interest rate at 4.5 percent. This condition strengthens the belief that the ECB has reached the terminal rate.

Thus, stocks rate-sensitive such as BMRI, BBCA, BTPS, CTRA, and SMRA can be considered on Thursday 30 November. Other alternatives include INKP, MIKA, SSIA, and JSMR which have the potential to rebound this Thursday.