JCI Is Projected To Weaken On Wednesday's 7.200-2.275 Range, This Is Stock Recommendation

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to weaken in today's trading, Wednesday, March 6, after closing down 0.4 percent yesterday to the level of 7,247,46.

Technically, the JCI breaks support at IDR 7,275 and MACD shows negative widening of the slope. Then, the RSI stochastic is in the oversold area.

In his research, Phintraco Sekuritas estimates that the JCI will continue to weaken in the range of 7,200-7,275 today.

China's decision to set a 5% economic growth target for 2024 has a positive impact on Indonesia, which is one of the main trading partners.

Indications of recovery can be seen from the service sector indicators. PMI Services was at the level of 52.50 in February 2024 previously in January 2024 at the level of 52.70.

"Thus PMI Composite will be maintained at 52.50 in February 2024 where previously in January 2024 it was at the level of 52.50," explained the research of Phintraco Sekuritas.

As for the global market, it is estimated that retail sales in the Euro Area contracted 1.30 percent in January 2024, deeper than the contraction of 0.80 percent yoy in December 2023.

This decline shows a decline in consumption levels, thereby increasing pressure for the European Central Bank (ECB) to consider cutting interest rates or at least providing clues about potential cuts in 2024.

The stocks recommended by Phintraco Sekuritas are PTPP, ESSA, BRIS, BBRI, SRTG and Speculative Buy BBYB.