JCI Is Predicted To Continue Weakening, Check Out Stock Recommendations
JAKARTA - The Composite Stock Price Index (JCI) is predicted to continue to weaken in today's trading, Wednesday, January 10, after yesterday's reddening or dropping 83,371 points to the level of 7,200.2.
Phintraco Sekuritas in his research said that the JCI on Wednesday is predicted to weaken to a range of 7,120-7,160. From a technical point of view, the potential for the weakening of the JCI in Wednesday's trading occurs because Stochastic RSI and MACD tend to move down, supported by value and transaction volume on Tuesday's trading.
"This condition indicates that the selling pressure is still quite large," explained the research of Phintraco Sekuritas.
According to him, the JCI is expected to be overshadowed by the potential for further correction from the basic material sector related to selective profit taking actions.
On the other hand, on Tuesday's trading, data released on the Consumer Confidence Index (IKK) in December amounting to 123.8, higher than 123.6 in November 2023, but lower than expectations at level 124.
Meanwhile, from the external side, he explained because market participants anticipate unemployment data from Europe this week.
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"From the US market, inflation data will become anticipated data next week. These two data have the potential to affect market views on the direction of monetary policy from large central banks for the next few months," explained Phintraco Sekuritas.
Phintraco Sekuritas said that the defensive stocks that became the top pick for today's trading included PT Unilever Indonesia Tbk (UNVR), and PT Erajaya Swasembada Tbk (ERAA).
In addition, Phintraco Sekuritas also recommends investors to trade buy shares of PT Matahari Department Store Tbk (LPPF), PT Mitra Adiperkasa Tbk (MAPI), PT Jasa Marga (Persero) Tbk (JSMR), PT Bank Jago Tbk (ARTO), PT Cisarua Mountain Dairy Tbk (CMRY), and PT Bank Pan Indonesia Tbk (PNBN).