JCI Is Projected To Move Sideways Today, 6 Stocks Are Recommended

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is predicted to move sideways in today's trading, Tuesday, February 5, after parking in the red zone yesterday.

Phintraco Sekuritas in his research said the JCI is predicted to move sideways because the market still digests the realization of Indonesia's economic growth.

"JCI is expected to move again along the sides in the range of 7,175-7,250 on Tuesday. Technically, Stochastic RSI is starting to move down from the overbought area along with Monday's movement," wrote Phintraco Sekuritas.

In today's trading, Phintraco Sekuritas predicts the JCI resistance level is at 7,330, while the pivot level is at 7,250, and the support level is at 7,175.

Meanwhile, the Central Statistics Agency (BPS) recorded Indonesia's economic growth for the entire year 2023 of 5.05 percent year-on-year (yoy) on Monday, February 5. However, economic growth in 2023 has slowed compared to economic growth throughout 2022 at 5.31 percent.

Another factor that suppresses the JCI is the market's tendency to be more careful in this short week due to the long weekend holiday. Meanwhile, China is scheduled to release inflation data on Thursday 8 February which has the potential to affect the movement of regional indexes this weekend.

As a result, with a series of sentiments, Phintraco Sekuritas recommends top picks stocks that can be observed on Tuesday, (6/2/2024) including ESSA, KLBF, DSNG, AKRA, MAPA and SSMS.