Measuring JCI Movement Monday, Analysts Estimate Consolidative Moving

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index today, Monday, July 24, is expected to move consolidatively, after closing higher last weekend by 0.24 percent or 16.61 points to 6,880.80.

"From external means, investors will pay close attention to the company's financial performance releases, as well as the announcement of the results of the ECB and The Fed meeting in the middle of next week (26 and 27 July 2023)," explained research by Phintraco Sekuritas.

Meanwhile, China will implement comprehensive policy measures to stabilize its currency. Yuan recorded a decline of about 4 percent Year on Year (YoY) against the United States (US) dollar as well as being one of Asia's worst-performing currencies.

Japan's inflation in June 2023 also experienced an increase again and was already above the target of the Japanese central bank (Bank of Japan/BoJ). This condition indicates a recovery in consumption in Japan.

Unlike the region, the inflation rate in Indonesia is below the 4 percent level and is in a tendency to fall closer to the middle level, assuming inflation by the government at 3 percent YoY. Asia Development Bank (ADB) also reduced Indonesia's inflation projection to 3.8 percent yoy in 2023 from its previous projection at 4.2 percent YoY.

"Thus, the impact of the increase in the price of a number of food commodities that are currently occurring is likely temporary. Still from within the country, BKPM recorded a slowdown in foreign direct investment growth to 14.2 percent YoY in Q2-2023 from 20.2 percent YoY in Q1-2023," explained the research. Phintraco Sekuritas.

JCI is predicted to move consolidatively from 6,830 to 6,930 this Monday. Meanwhile, Phintraco Sekuritas recommends stocks that can be distributed for today, namely AALI, DSNG, SMGR, BIRD, ASSA, MYOR, and ASRI.