JCI Thursday 10 October Potentially Rebound, Five Stocks Worth Eyeing
JAKARTA - The Composite Stock Price Index (JCI) is predicted to continue to consolidate in today's trading, Thursday 10 October. Phintraco Sekuritas in its research estimates the JCI will move in the resistance range 7,600, pivot 7,550, and support 7,500.
Phintraco Sekuritas explained, the JCI today has the potential to rebound to around 7,550. Stochastic RSI and MACD still tend to move in positive slope.
"Thus, the JCI is believed to maintain its consolidation phase for some time to come," wrote Phintraco Sekuritas.
Phintraco Sekuritas added that China's Ministry of Finance reportedly prepared a fiscal stimulus package which is estimated to reach 1-2 trillion yuan this week, October 12.
"Seeing the significant weakening of the SSEC to fall 6.62 percent on Wednesday 9 October, the market seems to be hoping for a more aggressive fiscal stimulus from the Chinese Government," explained Phintraco Sekuritas.
Still from external, Phintraco Sekuritas said, the risk of fluctuating energy commodity prices is still looming. The escalation of geopolitical conflicts in the Middle East seems to be determined by the results of the ongoing meeting between the Israeli government and the United States (US) in Washington DC.
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Meanwhile, continued Phintraco Sekuritas, the surge in energy commodity prices is not profitable for central banks that expect a downward trend in inflation to continue.
"The Rupiah exchange rate is estimated to be difficult to move below Rp15,500 per US dollar and speculation that the increase in subsidized fuel prices will still overshadow for some time to come," explained Phintraco Sekuritas.
Phintraco Sekuritas recommends five stocks that investors can look at today, namely INCO, MDKA, MBMA, PGEO and UNTR.