JCI Thursday Is Predicted To Still Test The Highest Level, What Stocks Are Still 'Energized'?

JAKARTA - The Composite Stock Price Index (JCI) is predicted to be still powerful in testing the highest level in trading, today Thursday 22 August. JCI is expected to move in the resistance range of 7,580, pivot 7,500, and support 7,475 today.

Phintraco Sekuritas in his research explained that the JCI today has the opportunity to test resistance at the level of 7,580, although it is necessary to remain aware of the potential for profit taking. JCI maintains the bullish trend by continuing strengthening on Wednesday.

"Worry sell on news doesn't seem to happen today. The market also tends to ignore indications of overbought on the Stochastic RSI," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that the JCI was supported by credit growth in the Indonesian Banking Sector (SPI) by 12.4 percent yoy in July 2024, up from 12.36 percent yoy in June 2024.

"This realization indicates the high confidence of market participants in Indonesia, considering that the Rupiah exchange rate experienced a significant weakening in July 2024," added Phintraco Sekuritas.

Still from within the country, Phintraco Sekuritas said, RDG BI decided to hold the benchmark interest rate at 6.25 percent. What is interesting is that BI estimates that the Rupiah exchange rate in 2024 is stronger than the previous expectations. BI estimates that the Rupiah exchange rate has the potential to strengthen up to Rp. 15,300 per US dollar (US).

The stocks recommended by Phintraco Sekuritas today are BBRI, BRIS, NISP, GJTL, and ERAA.