JAKARTA - The Composite Stock Price Index (JCI) still has a limited chance of strengthening trading on Friday, December 8, after reaching a record high closing in 2023, which is 7,134 in trading Thursday, December 7.
The CEO of Yugen Growing Sekuritas William Surya Wijaya said that the JCI movement pattern has succeeded in shifting the range of reasonable consolidation and still has the potential to experience limited strengthening. However, the presence of negative sentiment from the occurrence of capital outflows that are recorded on a YTD basis will still overshadow the JCI movement for some time to come.
"It's still quite a big chance of pressure that investors still need to watch out for," he said in a research publication.
William predicts JCI has the potential to be consolidated in the range of 6,954-7,174. The recommendations for the choice of shares are BBCA, UNVR, BBNI, TBIG, ICBP, ASRI, TLKM.
In a different research, Phintraco Sekuritas said the JCI has limited potential to strengthen to test resistance at 7,180 on Friday. Technically, the JCI lasted above the MA5 line even though Stochastic RSI had entered overbought area, resistance 7,180, pivot 7,150, support 7,100.
External sentiment comes from the release of a number of economic data. The US will release US data on the Michigan Consumer Sentiment (Prel.) this Friday, which is expected to rise to 62 in December 2023 from 61.3 in November 2023.
"The increase in consumer sentiment indicates market confidence in the US economic outlook, as well as strengthening the belief that the Fed will maintain its benchmark interest rate at the FOMC in December," explained research by Phintraco Sekuritas.
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Still from external, other economic data that will be released comes from US labor data: Non Farm Payrolls which is estimated to increase to 180 thousand in November 2023 from 150 thousand in October 2023; the Unemployment Rate is estimated to be stable at 3.9 percent in November 2023.
Germany will release inflation data as of November which is expected to fall to 3.2 percent yoy from the previous 3.8 percent yoy in October. Domestically, the JCI will be influenced by market anticipation of the release of important economic data on Friday (8/12), namely data on the Consumer Confidence Index (IKK) and retail sales per October.
Stock recommendations this Friday are INTP, ICBP, BUKA, HEAL, DOID, ISAT, and TLKM.
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