JAKARTA - The movement of the Composite Stock Price Index (JCI) will be overshadowed by sentiment released by global and regional economic data in today's trading, Tuesday, March 19.
The Phintraco Sekuritas Research Team said that global market conditions are currently observing the economic data that will be released. Europe, for example, awaits the release of the ZEW Economic Sentiment Index for March, which was previously at the level of 24.00.
"On the other hand, in Germany, the ZEW Economic Sentiment Index data will also be released for March. The consensus projects a slight increase to 20.10," wrote research by Phintraco Sekuritas.
Sentiments also come from the United States (US) regarding data on building permits in February 2024 which is projected to grow to reach US $ 1.5 million. This figure is up from the previous US $ 1.49 million, marking the potential recovery of development activities in the US.
From the regional side, the market is looking forward to releasing Japanese interest rate data which is expected to improve to 0.00% from the previous 0.10 percent. This was driven by the growth of the GDP annualized in the fourth quarter of 2023 Japan which reached 0.40 percent from the previous quarter, -3.20 percent.
"This increase gives a positive signal and shows the potential for recovery after a significant period of economic contraction," said Phintraco Sekuritas.
Along with this, Phintraco projects the JCI movement will test support for 7,275 this Tuesday. Technically, Stochastic RSI dropped from the overbought area to the pivot area, and there was a deathcross in MACD accompanied by a wide negative slope.
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The stocks recommended by Phintraco Sekuritas for today's trading are INKP, UNVR, MYOR, ERAA, EXCL, and BFIN.
For information, the JCI corrected 0.35 percent or 25.60 points to 7,302.44 in yesterday's trading, Monday, March 18. Throughout the day, the JCI was opened at 7,328,044 and had reached its highest level of 7,358.55.
It was recorded that 266 stocks rose, 256 stocks fell, and 252 stocks moved on the spot. The market capitalization or market cap is at the level of IDR 11,678.21 trillion.
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