JAKARYA - The Composite Stock Price Index (JCI) was closed in the green zone on Wednesday, August 8. JCI rose 0.09 percent or 6.229 points to 6.875.11 until the end of trading.
For trading this Thursday, Phintraco Sekuritas, Tambolang estimates the JCI is still consolidated in the range of 6,880 pivots.
"JCI is expected to continue the consolidation phase in the pivot range of 6,880 on Thursday (10/8). Support and resistance are still maintained in the range of 6,830-6,950," explained the research by Phintraco Sekuritas.
External sentiment is estimated to still overshadow the JCI movement. Recent data show China is entering a condition of deflation in the Consumer Price Index (JCI) for the first time in 1 year.
China's deflation is 0.3 percent YoY in July 2023. This condition strengthens indications of a decline in domestic consumption until July 2023. This condition is expected to accelerate the realization of the additional fiscal stimulus plan by the Chinese Government.
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Still related to inflation data, US inflation is expected to record a slight increase to 3.3 percent YoY in July 2023 from 3% YoY in June 2023. However, core inflation still stands at 4.8 percent YoY in July 2023.
Domestically, economic data again shows strong conditions, especially in terms of consumption. Retail sales grew 7.9 percent YoY in June 2023 compared to -4.5 percent YoY in May 2023.
The stocks recommended for trading this Thursday include AMRT, BTPS, MAPI, TOWR, SCMA, and speculative buy at SMSM, MEDC, and WIIM.
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