JCI Monday Potentially Weakening, These Are Stocks To Pay Attention To

JAKARTA - The Composite Stock Price Index (JCI) is expected to move lower today, Monday, February 26 after closing at the level of 7,295 last week.

Technically, said the Phintraco Sekuritas research team, there is a death cross on the stochastic RSI and confirmed by MACD which has begun to form a negative slope.

"Thus, the JCI has the potential to continue its limited weakening to the 7,250-7,270 area on Monday," wrote Phintraco Sekuritas.

From a global perspective, he continued, sentiment came from the United States with the release of new home sales data (new home sales) in January 2024 on Monday. Home sales in Uncle Sam's country are projected to increase from the previous 8 percent MoM in December 2023.

This is in line with the release of existing home sales data which has increased in January 2024 and is the highest level in the last 5 months. In addition, the increase in market participants' expectations for the release of new home sales is also due to the interest rate which tends to be lower than last year.

On the same day, in the European Region, investors' attention was focused on the speech of the President of ECB Lagarde which became a clue regarding the direction of the interest rate policy in the Blue Continent.

From within the country, the release of M2 Money Supply data in January 2024 which grew to 5.4 percent YoY from the previous 3.3 percent YoY in December 2023. This is in line with the development of credit disbursement which reached 11.5 percent YoY in January 2024 from the previous 10.3 percent in December 2023.

Through the release of this data, investors tend to anticipate the release of Indonesia's inflation data on Friday, March 1. Some stocks became the top pick of Phintraco Sekuritas this Monday, namely ANTM, PGEO, TKIM, ESSA, ADMR, TLKM, and EXCL.