JCI Ahead Of Eid Al-Adha Long Holiday Will Strengthen Or Weaken? Check Out Analyst Stock Recommendations

JAKARTA - The Composite Stock Price Index (JCI) is projected to fluctuate ahead of the long holiday weekend Eid al-Adha, Thursday, June 5. In his research, Phintraco Sekuritas said that the JCI today will move in the resistance range of 7,120, pivot 7,100, and support 7,000.

Phintraco Sekuritas explained that the JCI closed higher yesterday at the level of 7,069 (+0.34 percent). Technically, the RSI stochastic indicator is approaching the oversold area, which indicates the potential for short-term corrections is starting to be limited. But the MACD histogram is still in a negative area, as well as the MACD line with a broad signal line.

Nevertheless, Phintraco Sekuritas estimates that if the JCI is strong enough to stay above the MA20 at around the level of 7,038, there will be more opportunities for further rebounds. However, it is necessary to be aware of the potential for short-term profit action ahead of the long weekend holiday.

"Today's JCI is expected to continue to fluctuate in the range of 7,000-7,120," wrote Phintraco Sekuritas.

Throughout the rest of this week, Phintraco Sekuritas said, from the US, several important economic data will be released, including trade balance, June 5, non-farm payroll, average hours, and the unimployment rate, June 6.

From Europe, Phintraco Sekuritas said the market would look forward to today's ECB meeting, which is expected to again lower interest rates by 25 bps to 2.15 percent from 2.40 percent. In addition, German trade balance data will be released in April 2025.

"From Asia, China will release inflation data in May 2025 and the May 2025 trade balance," added Phintraco Sekuritas.

Phintraco Sekuritas added that the market is also still waiting for developments in trade negotiations with the US before the deadline for 90 days of resipprocal tariff ends. In addition, the market is looking forward to the realization of Danantara's investment worth IDR 81.4 billion, which is taken from the potential dividend of SOEs worth IDR 120 billion this year, for eight economic sectors.

The stocks recommended by Phintraco Sekuritas recommend today, namely INDY, ENRG, KLBF, TINS and EMTK.