JCI Monday Tests Highest Level, These 7 Stocks Are Recommended

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to test the highest level in today's trading, Monday, April 17, after last weekend's gain of 0.49 percent to 6,818.

Phintraco Sekuritas in his research said that the JCI today is expected to move at 6,850 resistance, 6,820 pivots, 6,780 supports. Sentiments from abroad, explained Phintraco, Wall Street indexes were corrected on Friday. However, all Wall Street indexes still tend to continue their strengthening trend in the past month.

In addition to the anticipation of FOMC in early May 2023, the market is currently observing the financial performance of the first quarter of 2023 from companies in the US.

"Financial institutions that have released financial performance in the first quarter of 2023 have so far recorded mixed performance," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that the JCI closed higher above MA10 (6,800) in Friday's trading.

"During his stay above MA10, the JCI has the potential to test resistance for 6,850 on Monday or Tuesday before the long holiday of Eid al-Fitr," added Phintraco Sekuritas.

Phintraco Sekuritas explained that positive sentiment stemmed from the continued strengthening of the Rupiah exchange rate to the level of Rp14,695 per US dollar on Friday afternoon. This was triggered by the Fed's potential to take a less aggressive policy in the upcoming FOMC, following a downward trend in general inflation and producers in the US.

Domestically, Phintraco Sekuritas added, market participants implemented the release of the Indonesia Trade Balance (NPI) on Monday. NPI is estimated to have a surplus of 3.99 billion US dollars in March 2023, down from 5.48 billion US dollars in February 2023. Meanwhile, exports and imports are estimated to be concentrated to 15 percent yoy and 14.45 percent yoy in March 2023.

Phintraco Sekuritas recommends that seven preferred shares be collected, including BANK, MEDC, ELSA, LSIP, MDKA, JSMR and BBKP.