JCI Chances To Strengthen At The Beginning Of The Week, Check Out Stocks That Can Be Payed Attention To

JAKARTA - The Composite Stock Price Index (JCI) is predicted to consolidate in trading earlier this week, Monday, August 5, ahead of the release of data on Indonesia's Gross Domestic Product (GDP) in the second quarter of 2024.

Phintraco Sekuritas in his research said the JCI closed down 0.24 percent to the level of 7.308.12 in weekend trading, last August 2. Technically, there is a golden cross in Stochastic RSI in line with the narrowing of the negative slope in MACD.

"Nevertheless, a bullish spining top pattern was formed indicating the potential for consolidation in the JCI movement. Thus, the JCI is expected to consolidate in the 7,300-7,330 area on Monday," wrote research research Phintraco Sekuritas.

In trading earlier this week, the JCI resistance level was predicted at 7,380, while the pivot level was 7,350 and the support level was 7,300.

The domestic market awaits the release of important data on GDP growth on Monday which is estimated to remain at the level of 5 percent for the second quarter of 2024, down from the level of 5.11 percent in the first quarter of 2024. Meanwhile, on a quarterly basis, there is an expectation of an increase in GDP by 3.71 percent or a positive increase after a decrease of 0.83 percent in the first quarter of 2024.

According to him, although the projected figure is lower than the realization of economic growth in the first quarter of 2024, the rate of economic growth is still positive and is in the range of 5 percent level, although there is still uncertainty from the global economy.

Meanwhile, from global sentiment, the majority of the Asian Exchange weakened after the sell-off on Wall Street. The weakening follows the release of US weak economic data.

The ISM manufacturing index in July 2024 dropped to 46.8 or was in the contraction zone. The weakening weakens in the manufacturing sector during the fourth month in a row and indicates a slowdown in the US economy.

This condition has an impact on investors who sell and switch to relatively safer investment instruments or safe havens.

Phintraco Sekuritas recommends stocks that can be considered today, including ADMR, HRUM, PTBA, MAPI, BBTN, and EXCL.