JCI Friday Predicted To Continue Strengthening, BBCA Shares To EXCL Recommended

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to resume strengthening to 7,280 in today's trading, Friday, April 5.

Phintraco Sekuritas in his research said the JCI has the potential to close the gap to 7,250-7,280 on Friday. JCI formed a bullish sandwich pattern based on Thursday's rebound.

"Together with the rebound, the Stochastic RSI formed a golden cross in the oversold area. Thus, the JCI has the potential to close the gap to 7,250-7,280 on Friday," explained the research of Phintraco Sekutritas.

As is known, the JCI strengthened 87.55 points and reached a level high of 7,254.39 at the close of trading Thursday, April 4, after weakening throughout the day. The lowest level of the JCI yesterday was at the level of 7,165.83.

The JCI market capitalization rose to the level of Rp11,777, from the previous Rp11,615 trillion. There are 380 stocks rose, 219 stocks ended in the red zone, and 192 stocks were stagnant.

Phintraco Sekuritas explained that external sentiment, namely the market, responded to the results of the ECB Monetary Policy Meeting Accounts. With the realization of the Euro Area inflation which is under expectations in March 2024, ECB is believed to be starting to soften its views on the direction of monetary policy in 2024.

Still from external, the market is also expected to respond to data from the US labor sector which is also estimated to affect the policy direction of the Fed. The CME FedWatch Tools survey shows a decline in the chance of cutting the Fed's benchmark interest rate to 55.8 percent at FOMC June 2024.

Meanwhile, this condition seems to be still reducing the rupiah exchange rate for some time to come which is expected to be quelled by government intervention in the Indonesian financial market.

Along with the JCI predictions and sentiments, Phintraco Sekuritas recommends several stocks for weekend trading such as BBCA, BMRI, BBRI, MDKA, SRTG, BBTN, EXCL and MBMA.