JCI On Wednesday Potentially Strengthens, Check Out Recommended Stocks

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is expected to strengthen and will try to test resistance in today's trading, Wednesday, February 21.

The Phintraco Sekuritas Research Team explained that the JCI closed trading with strengthening to the level of 7,352.60 on Tuesday. The strengthening of the JCI is reflected in the success of penetrating resistance around the 7,330 area.

"Technically, the JCI is still showing consolidation with its hold on to the MA5 line, and it can be seen widening in the positive slope of the MACD. With this condition, the JCI has the potential to test resistance at the level of 7,380 in tomorrow's trading session," wrote Phintraco Sekuritas in his research.

On the domestic side, investors are still waiting and seeing the release of Bank Indonesia's benchmark interest rate data which is scheduled for today. The consensus estimates that Bank Indonesia will continue to maintain interest rates at the level of 6.00 percent, given the decline in GDP in the fourth quarter of 2023 by 0.45 percent MoM.

The decision to hold interest rates is expected to maintain macroeconomic stability and support the ongoing economic recovery process.

In addition, on the same day there will be a release of credit growth data, which in December 2023 credit growth reached 10.40 percent. Credit growth is expected to increase, with Bank Indonesia projecting credit growth of around 10-12 percent perseb by 2024.

From a global perspective, investors' attention is focused on releasing consumer confidence data in the European region in January 2024 which is scheduled for today. Consumer confidence is expected to reach level -15.60, indicating improvement from the previous level which was at -16.10 in December 2023.

Improvement of consumer confidence data is a positive indicator, increasing consumer confidence in economic conditions in the European region. In addition, on the same day, the release of the FOMC minutes is scheduled.

It is hoped that the Risalah FOMC can provide clues to the market regarding when the Fed will cut the benchmark interest rate. Thus, Phintraco Sekuritas recommends stocks that can be observed today, including MDKA, TOWR, EXCL, ACES, ERAA, and BTPS.