JAKARTA - The Composite Stock Price Index (JCI) is projected to be prone to correction in today's trading, Wednesday, May 8, after yesterday's decline of 0.17 percent or 12.28 points to the level of 7,123.61.
Phintraco Sekuritas in his research assessed that the JCI tends to move away from the overbought area on Tuesday. JCI is expected to fluctuate again in the range of 7,100-7,150 this Wednesday.
Globally, the indexes in Europe have strengthened until Tuesday afternoon. The strengthening is considered supported by the sentiment of the Fed.
At the same time, the CME FedWatch Tools recorded a chance of cutting the Fed Rate back up to 49.7 percent on Tuesday afternoon.
"This condition has the potential to support the JCI on Wednesday," explained the research of Phintraco Sekuritas.
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As for domestically, the rupiah exchange rate tends to last in the range of IDR 16,000 per US dollar since the release of US labor sector data at the end of last week. In addition, the realization of economic growth of 5.11 percent year on year (YoY) in the first quarter of 2024 also supported the JCI from the tendency of capital outflows that are still continuing in the Indonesian capital market.
As for stocks that could be an option for today, according to Phintraco Sekuritas, including TINS, ANTM, BUKA, SCMA, MBMA, and NCKL.
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