JCI Friday Overshadowed By External Sentiment, These Five Stocks Are Recommended

JAKARTA - The Composite Stock Price Index (JCI) is overshadowed by a number of external data in today's trading, Friday 11 October. Phintraco Sekuritas in its research estimates that the JCI will move in the resistance range of 7,550, pivot 7,500, and support 7,400.

Phintraco Sekuritas explained that the JCI today is expected to test support at the level of 7,400. Technically, the JCI today broke low psychological support at the 7,500 level which is validated with the MACD indicator which shows horizontal movement.

"A number of External data overshadows the JCI movement today," wrote Phintraco Sekuritas.

Phintraco Sekuritas said Europe was looking forward to the release of the UK GDP data in August which is expected to grow to 1.4 percent yoy from the previous level at 1.2 percent yoy in July. The GDP upgrade is in line with estimates of improving UK Industrial Production and Manufacturing Production data.

Industrial Production in August is expected to improve to a level of minus 0.2 percent yoy from minus 1.2 percent yoy in July. In addition, Manufacturing Production in August is also expected to experience significant growth to minus 0.1 percent yoy from the previous level minus 1.3 percent yoy in July.

In addition, continued Phintraco Sekuritas, the United States (US) will release inflation data from the producer side for September today. Producer inflation is expected to drop to the level of 1.50 percent yoy from 1.70 percent yoy in August.

"Similar to the estimated improvement of inflation data, the Michigan Consumer Sentiment Prediction data is projected to increase to the level of 70.8 from the previous level at 70.1 in August," added Phintraco Sekuritas.

Phintraco Sekuritas recommends five shares for today, namely JPFA, CPIN, ERAA, ASSA, ANTM.