JAKARTA - The Composite Stock Price Index is predicted to be corrected today, Friday, December 1. Phintraco Sekuritas estimates the JCI will move at resistance 7,100, pivot 7,050, support 7,000.
"If the JCI occurs today in a pullback to around 7,050, then this is a natural technical correction. The reason is, the Stochastic RSI is again entering the overbought area above 80 percent on Thursday," wrote Phintraco Sekuritas in his research.
Phintraco Sekuritas added that the latest economic data in the United States (US) and the Euro zone strengthen the belief that the Fed and ECB will hold the benchmark interest rate, at least in December 2023. This market view can be a positive sentiment for the Rupiah exchange rate today.
The market anticipates Indonesia's inflation, which is estimated to be at 2.7 percent year on year (yoy) in November 2023, slightly increased from 2.56 percent yoy in October 2023. This condition is a good capital for the Indonesian economy in facing the potential increase in inflation in December 2023.
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"Thus, Bank Indonesia (BI) is believed to have held back the benchmark interest rate at the December 2023 meeting," explained Phintraco Sekuritas.
Phintraco Sekuritas recommends seven stocks in today's trading, namely BBCA, BBRI, GOTO, AMRT, AKRA, CPIN, and PGEO.
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