Various Sentiments Cover The JCI Monday, Check Out Stock Recommendations

JAKARTA. The Composite Stock Price Index (JCI) closed up 0.86 percent to the level of 7,256,996 on Friday last weekend. With this position, the JCI still weakened 0.70 percent in a week.

Phintraco Sekuritas in his research saw, technically, the JCI managed to breakout MA20 (7253) in line with the golden cross on the Stochastic RSI and the narrowing of the negative slope on MACD. Thus, the JCI is expected to move in the range of 7,200 - 7,300 for some time to come.

Globally, the market is looking forward to releasing US Manufacturer Price Index (PPI) data on Tuesday, August 13, as a reference for measuring inflation at the producer level.

The data is expected to increase by 0.1 percent on a monthly basis or month on month (mom) in July 2024, from the previous 0.2 percent in June 2024.

"The decline in PPI has the potential to increase the chance of cutting the Fed interest rate in September 2024. Based on the CME FedWatch Tools poll, the Fed's interest rate cuts are 100% recorded in the FOMC September 2024," explained Phintraco Sekuritas.

Meanwhile, the regional market is looking forward to the release of New Yuan Loans data in July 2024 this Monday, which is estimated at CNY 450 billion, from the previous CNY 2.13 trillion in June 2024.

Meanwhile, the amount of money in circulation (M2) in China is estimated to grow 6.1 percent in July 2024 or lower than in June 2024 at 6.2 percent.

The sharp decline in loan expectations in China was caused by sluggish credit demand in line with loan disbursement by banks in China, which decreased to 79 percent of the MoM.

"This data is expected to provide further clues about economic momentum in the second half of 2024 in China," explained Phintraco Sekuritas.

From domestic, the realization of retail sales growth rose to 2.7 percent yoy in June 2024 from 2.1 percent yoy in May 2024. Conditions indicate that domestic consumption remains solid throughout the first semester of 2024.

Next week, the market will also anticipate Indonesia's trade balance (NPI) data in July 2024.

The stocks recommended by Phintraco Sekuritas today include AKRA, INDY, ICBP, UNVR, BRIS, and TLKM.