JCI Thursday Potentially Weakens Below 7,000 Levels, Check Out Stock Recommendations
JAKARTA - The Composite Stock Price Index (JCI) has the potential to be corrected again in today's trading, Thursday, February 6, after closing down 0.70 percent or 49.231 points to the level of 7,024.228 yesterday.
Phintraco Sekuritas in his research said, technically Stochastic RSI is in the oversold area, but there is no solid indication yet.
"Thus we estimate the JCI will move again consolidated in the range 6,950-7,100 on Thursday (6/2)," explained Phintraco Sekuritas.
As for global sentiment, investors are waiting for the release of Bank of England (BoE) Interest rate decision and US Initial Jobless Claim data. BoE is predicted to cut its interest rate by 25 basis points, where the UK interest rate is at 4.50 percent in December 2024 to 4.25 percent in February.
Furthermore, US Initial Jobless Claim data is expected to show an increase in the number of claims. In the last week of January, the unemployment rate was still at 207,000, while this week it is predicted to increase to 214 thousand.
From domestic, the Central Statistics Agency (BPS) has released data on Gross Domestic Product (GDP) in the fourth quarter of 2024 Indonesia at 5.02 percent YoY, growing from the previous quarter which was at 4.95% as well as exceeding the estimated consensus of 4.98 percent YoY.
SEE ALSO:
This growth was driven by increased household consumption which grew 4.9 percent YoY and the realization of Foreign Direct Investment (FDI) which increased 4.6 percent YoY in the fourth quarter of 2024.
The stocks chosen by Phintraco Sekuritas for today's trading include PT Aneka Tambang Tbk (ANTM), PT Vale Indonesia Tbk (INCO), PT Timah Tbk (TINS), PT Bank Pan Indonesia Tbk (PNBN) and PT Telkom Indonesia Tbk (TLKM).