JCI Wednesday Awaiting Global Data Release, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) rose 0.45 percent or 32.3 points to 7,336.75 on Tuesday 19 March trading. JCI is projected to strengthen at the support level by 7,302 and resistance by 7,361 in today's trading, Wednesday, March 20.

The Phintraco Sekuritas Analyst Team saw that from a technical point of view, Relative Stretch Index (RSI) was moving down to the oversold area, while in the moving average convergence divergence (MACD) there were sideaways. JCI will consolidate in the range of 7,300-7,350 on Wednesday.

The market is awaiting global data releases, including British inflation for February. British inflation is predicted to fall from 4 percent in January to 3.50.

"A signal that is quite a concern considering this decline occurred in line with the correction of British Gross Domestic Product (GDP) which fell from 0.00% to -0.30 percent," said the research team Phintraco Sekuritas.

This decline indicates a slowdown in the economy accompanied by a decrease in consumption levels.

Furthermore, the market is also looking forward to global economic data such as the results of the Federal Open Market Committee (FOMC) meeting on Wednesday, February 20. FOMC is projected to maintain interest rates at the level of 5.5-5.50 percent.

"This decision will greatly affect global market sentiment as it can provide an overview of the direction of monetary policy in the United States and its impact on global financial markets as a whole."

On the domestic side, investors are considered to still tend to wait and see regarding the release of Bank Indonesia's interest rate data which is scheduled for this Wednesday. Bank Indonesia is projected to maintain interest rates at the level of 6.00 percent. This decision reflects BI's prudence in the midst of Indonesia's relatively stable economic conditions.

In addition, on the same day the results of the 2024 election will be announced, which marks the end of the democratic party period and reduces the uncertainty risk in the market. Stocks that should be observed include JPFA, ICBP, BTPS, PTPP, CTRA, and GJTL.