JAKARTA - The Composite Stock Price Index (JCI) closed down 0.29 percent to the level of 7,059,906 in trading last Friday, December 1. The JCI is predicted to continue its weakening in today's trading, Monday, December 4.
Phintraco Sekuritas in its research predicts that the JCI will weaken to the level of 7,050, supported by the stochastic RSI which is already in the overbought area and positive slope in MACD.
There are a number of sentiments that affect the movement of the JCI Monday. From within the country, the market observed the release of Indonesia's Manufacturing Purchasing Managers' (PMI) data which strengthened to 51.7 in November 2023 from 51.5 in October 2023. This increase indicates that domestic production has risen again.
There is also inflation data that recorded an increase from 2.86 percent year-on-year (YoY) in November 2023 from 2.56 percent yoy in October 2023. On a monthly basis, inflation was recorded at 0.38 percent month-on-month (MOM) in November 2023 from 0.17 percent MoM in October 2023.
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From external, next week some important economic data will be released such as economic growth in the European region which is expected to contract to -0.1 percent in the third quarter of 2023 from the previous quarter at 0.2 percent. Germany will release inflation data which is expected to fall to 3.2 percent YoY from the previous 3.8 percent YoY.
Dus, he projects the JCI will move in the range of support at 6,950 and resistance at 7,050 on Monday's trading. The selected stocks alias top picks today include KLBF, AUTO, JPFA, BIRD, SMGR, MYOR, and BNGA shares.
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