JCI On Wednesday Potentially Pressured, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is projected to be depressed in today's trading, Wednesday, December 20, after yesterday's gain of 68 points or 0.96 percent to the level of 7,187.84.

Yugen-Browing Sekuritas CEO William Surya said Wednesday's JCI has the potential to be depressed, where the index still doesn't seem to move from its reasonable consolidation range.

"However, the opportunity for pressure in the short term is still minor, this can certainly be one of the considerations for investors in determining the investment time frame ahead of the turn of the year," he said in research.

William said the opportunity in the event of a minor correction could be utilized by investors, especially for strong-fundamental stocks.

William's selected stocks for today's trading include HMSP, UNVR, BBCA, BBNI, GGRM, KLBF, TBIG, PWON, and BINA.

Meanwhile, Equity Research Analyst Alrich Paskalis Tambolang assessed that the JCI has the potential to support support tests at the level of 7,100-7,150 on Wednesday's trading. This is in line with the Stochastic RSI which has dropped to the oversold area.

"From external, a number of important data will be released this week. The UK will release inflation data which is expected to slow down to 5.6 percent yoy in November 2023 from 5.7 percent yoy in October 2023," he said.

Meanwhile, other data that will be released is consumer confidence as of November 2023 from Germany and the Euro Area. Meanwhile, from within the country, this week 20-21 December 2023, Bank Indonesia (BI) will hold a board of governors meeting (RDG) to decide on domestic monetary policy.

"BI is estimated to follow the decisions of a number of other central banks by holding the benchmark interest rate at the current level of 6 percent," he said.

Alrich predicts the JCI will move on Wednesday with a range of 7,100-7,200. For interesting stocks, including ADMR, BBTN, JSMR, PGAS, SRTG, RALS, and PTBA.