Many Global Sentiments, JCI Monday Projected To Weaken Again

Illustration. (Photo: Doc. Antara)

JAKARTA. The Composite Stock Price Index (JCI) slipped 1.10 percent or 76.95 points to the level of 6,897.95 in trading last weekend, Friday 7 June. Phintraco Sekuritas in research predicts the JCI has the potential to continue its corrections today, Monday 10 June.

"There are indications of bearish continuation with the formation of three black crowds supported by the widening of the negative slope Moving Average Convergence/Divergence (MACD). Based on these technical indicators, the JCI has the potential to continue corrections in the 6,860 6,880 area gap on Monday," explained Pintraco Sekuritas research.

Trade this week will be very congested with the release of important data that investors from both global, regional and domestic.

Globally, Fed interest rate data is expected to remain at the level of 5.50 percent when announced on Thursday, June 13. Speech from the Fed is expected to provide an overview of the possibility of cutting interest rates in September 2024.

On the other hand, the United States (US) inflation data which will be released on Wednesday, June 12 is estimated to be stable at 3.40 percent. This controlled inflation could increase the chances of cutting interest rates in September.

Meanwhile, in Europe, the UK is looking forward to releasing data on Gross Domestic Product (GDP) in April 2024 which is expected to grow to a level of 0.70 percent.

From the region, the market is looking forward to Japan's interest rate decision which is estimated to remain at the level of 0.10 percent. The release of the annual GDP growth data for the first quarter of 2024 was also anticipated, which was estimated to decline to the level of -0.20 percent from the previous quarter which was at 0.40 percent.

In addition, inflation in China for May 2024 is estimated to remain stable at the level of 0.30 percent. As for domestically, the release of retail sales data is expected to show growth to the level of 11 percent from the previous month which was at 9 percent.

Consumer Confidence Index (IKK) data is also expected to remain stable in the optimistic zone (>100), with the possibility of limited growth in May to 128 from 127.70 in April.

According to Phintraco Sekuritas, the stocks that can be considered this Monday include AKRA, INDY, ISAT, ASSA, NCKL, and JPFA.