JCI Thursday Potentially Strengthens To 7,000, These Seven Stocks Are Worth Paying Attention To

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) closed up 0.13 percent or 8.821 points to the level of 6,966.65 at the end of trading on the Indonesia Stock Exchange (IDX), Wednesday, August 30.

Phintraco Sekuritas in his research said the JCI has the potential for pullback on Thursday. JCI is projected to move in the range of 6,880-7,000 this Thursday.

Yesterday, the JCI tested up to 7,000 psychological levels. The shooting star pattern and indications of overbought on the RSI Stochastic indicate profit-taking prone conditions in trading Thursday, August 31.

From external, there was a decrease in the Euro Area Consumer Confidence Final Index to -16 in August 2023 from -15.1 in July 2023. The decline in the economic and industrial sentiment index in the Euro Area has the potential to provide negative sentiment for the JCI on Thursday.

"From the region, the Chinese manufacturing index is estimated to be still below 50 (expected 49.4 in August 2023) this condition indicates that manufacturing activity in China is still contracting in August 2023," explained the research by Phintraco Sekuritas.

Meanwhile, domestically, the focus of market participants is on inflation data which is scheduled for release Friday 1 ASPECT. Inflation is estimated to increase to around 3.3% year on year (YoY) in August 2023. This means that inflation is still within the range of assumptions for the 2023 State Budget at 2-4 percent YoY.

Alrich recommends stocks such as, PT Telkom Indonesia Tbk (TLKM), PT Astra International Tbk (ASII), PT Adaro Minerals Indonesia Tbk (ADMR), PT Merdeka Copper Gold Tbk (MDKA), Medco Energi Internasional Tbk (MEDC), PT Astra Otoparts Tbk (AUTO), and PT Midi Utama Indonesia Tbk (MIDI).