JCI on Monday is Predicted to Move in the 7,300-7,400 Range, Here are the Stock Choices

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (IHSG) is predicted to move in the range of 7,300 to 7,340 in today's trading, Monday, March 18.

The Phintraco Sekuritas Analyst Team said that the JCI has the potential to consolidate in the support area of ​​7,300 to 7340. This is supported by a death cross on the Stochastic RSI in the overbought area.

"Thus, JCI has the potential to consolidate in the support area of ​​7,300 - 7,340 on Monday with a pivot at level 7,350," explained Phintraco Sekuritas in its research.

In previous trading, the JCI closed down 1.42 percent to 7,328 in line with the market response to the realization of Indonesia's trade balance which decreased significantly in February 2024.

The realization of the release of trade balance data in February 2024 decreased significantly to 0.87 billion US dollars from the previous 2.01 billion US dollars. This significant decline was influenced by export data which decreased by -9.45 percent, while imports grew significantly by 15.84 percent from the previous 0.36 percent in January 2024.

As for this week, there was the release of credit growth data on Wednesday 20 March which is expected to continue to grow solidly in February 2024. On the same day, there was the release of data on the decision on the benchmark interest rate by Bank Indonesia which is expected to remain at the level of 6 percent.

From a regional perspective, the market is waiting for the release of Retail Sales YoY January - February 2024 data in China which is expected to grow 5.2 percent YoY from the previous 7.4 percent in December 2023.

Even though the consensus has decreased, this consensus still represents market confidence in increasing retail sales for 12 consecutive months. This is in line with China's realized inflation of 0.70 percent YoY in February 2024.

Meanwhile in the Eurozone, investors are waiting for the release of CPI inflation data which is expected to grow 2.6 percent YoY in February 2024 from the previous 2.8 percent in January 2024.

Along with the JCI predictions and several accompanying sentiments, Phintraco Sekuritas recommends several stocks, including ASSA, ESSA, MYOR, CTRA, ELSA, and JSMR.