JCI Thursday Is Predicted To Weaken, Check Stocks Potentially Cuan Today

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to weaken in today's trading, Thursday, May 30, after yesterday's decline of 1.56 percent or 113.40 points to the level of 7,140.23.

Phintraco Sekuritas in his research assessed that the JCI is prone to continuing corrections this Thursday. Yesterday's weakening JCI closed the opportunity for the formation of a golden cross at the Moving Average Convergence Divergence (MACD).

"This indicates the potential for further weakening of the JCI on Thursday. Pay attention to the 7,150 pivot before support area 7,080-7,100," explained the research of Phintraco Sekuritas.

However, the JCI technically has the opportunity to rebound on Friday, May 31, driven by the release of US economic growth data. In its estimate, the US economy grew slowly by 1.3 percent quarter on quarter (QoQ) in the first quarter of 2024, compared to the fourth quarter of 2023 of 3.4 percent QoQ.

With this data, it has the potential to build speculation that the Fed will continue to maintain its cut opportunities in September 2024. Then, reflecting on polls by the CME FedWatch Tools, showing a decrease in the Fed Rate's chances of cutting to 41.7 percent in September 2024.

"As a result, the chances of maintaining the benchmark interest rate are getting bigger at 53.7% in the same period."

From a regional perspective, the revision of China's economic growth projection from 4.6 percent to 5 percent in 2024 by the International Monetary Fund (IMF), indicates the capital outflow from the Indonesian capital market. In line with this condition, the rupiah exchange rate showed a weakening of 0.43 percent to the level of Rp. 16,160 per US dollar on Wednesday, May 29.

Meanwhile, Phintraco Sekuritas recommends stocks that have the potential to pay today, namely MNCN, BRMS, ACES, INDF, PGEO, and ISAT.