JAKARTA - The movement of the Composite Stock Price Index (JCI) is expected to continue its correction in today's trading, Wednesday, June 29, after closing down 0.28 percent yesterday to the level of 6,996.46.
Phintraco Sekuritas analyst Valdy Kurniawan sees the JCI has the potential to rebound to the level of 7,050, if it returns to the psychological level of 7,000 in today's trading. Even so, he advised market participants to be aware of the potential for further correction to the support at 6,930-6,950, if the JCI is stuck below 7,000.
"Stochastic RSI tends to reverse from the overbought area along with the correction in the last two days," said Valdy in his research.
According to Valdy, the JCI movement was influenced by the wait-and-see tendency of market participants ahead of the speech by the President of the European Central Bank (ECB), Lagarde, the Governor of the Bank of England (BoE), Bailey, and the Head of the Fed, Powell on Wednesday, June 29 evening western Indonesia time.
"Market players hope to get an assessment of the big central banks on the effectiveness of tight monetary policy in efforts to suppress inflation. Given that inflation rates in the US, Europe, and the UK are still relatively high as of May 2022," he explained.
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Still, externally, German inflation is also expected to rise to 8 percent yoy in June 2022 from 7.9 percent yoy in May 2022, and the US economy is expected to contract 1.5 percent qoq in the first quarter 2022.
From domestic sentiment, market participants anticipate an increase in inflation to 4.17 percent yoy in June 2022, from 3.55 percent yoy in May 2022. Thus, inflation has the potential to be above the upper limit of the assumption in the 2022 APBN, which is 4 percent yoy.
Valdy recommends BIPI, BUKA, ZINC, AKRA, and BBRI stocks, as well as trading opportunities on ARTO and TBIG in today's trading.
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