JAKARTA - The Composite Stock Price Index (JCI) has the potential to continue its weakening in today's trading, Friday, February 2, after yesterday's decline of 0.09 percent or 6,244 points to the level of 7,201.7.
Phintraco Sekuritas in his research predicts the JCI in today's trading has the potential to continue its weakening, and will move with support at 7,150 and resistance at 7,250.
"From external means, investors anticipate the release of non-farm payroll data in the United States on Friday which is estimated to increase by 180,000," explained research by Phintraco Sekuritas.
In addition, he considered that investors were also looking forward to releasing data on the US unemployment rate on Friday which is estimated at 3.8 percent in January 2024.
The increase in the unemployment rate projection from the previous 3.7 percent in December 2023 indicates that there is still a chance for the Fed to cut the benchmark interest rate.
"This is reinforced by the possibility of still having a chance of cutting the benchmark interest rate in March 2024 with a probability of 35.5% (CME FedWatch Tool)," he said.
Furthermore, domestic sentiment, namely the release of Indonesia's inflation data today reached 0.04 percent MoM or 2.57 percent YoY. Although Indonesia's inflation is above the market projection of 2.55 percent YoY, inflation in January 2024 is still in a stable condition as stipulated in the macro assumption of the 2024 State Budget, which is controlled below 3 percent.
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Meanwhile, core inflation has fallen to 1.68 percent YoY or the lowest since December 2021. However, the decline in core inflation does not illustrate a decrease in purchasing power.
This is proven, through the Consumer Confidence Index (IKK) which is maintained above 100, which is 123.8. The data is above the estimated inflation in January 2024, which is 2.55 percent YoY.
Alrich recommends watching EMTK, ESSA, EXCL, ISAT, ENRG, and BTPS shares in today's trading.
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